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In researching the economy of Yugoslavia and of the transition from Communism to a more capitalist form of economy, this book will serve one relatively well for a surface overview of the countries in question, particularly the former Yugoslavia, Poland and Hungary. However, once you dig below the surface, one will find that the information offered, while erudite and well written, is somewhat biased and not necessarily complete. This, of course, is if you are really digging.

“The transition from socialism to a market economy in Eastern Europe encompasses a variety of economic, political, and social dimensions. Transformation in some of these dimensions, once under way, is easier to achieve than the others. Political change – a prerequisite for economic change – once seemed difficult, if not impossible. Yet once circumstances permitted political change, the political transformation in East European countries was relatively swift…
…Economic transformation is, on the other hand, more complex. A modern functioning market economy is not only difficult to achieve: it is also often not clear what is meant by “market economy”.”

Arye L. Hillman

Arye L. Hillman - William Gittes Chair and Professor of Economics, Bar-Ilan University, Israel; Editor, European Journal of Political Economy (Elsevier).

Branko Milanovic

Branko Milanovic - Lead economist in the World Bank's research department, in the unit dealing with poverty and inequality. Senior associate at the Carnegie Endowment for International Peace, Washington. Working on the issues of globalization, income distribution, and democracy. Previously, worked as World Bank country economist for Poland (1988-91) and research fellow at the Institute of Economic Sciences in Belgrade, Yugoslavia (1980-83 and 1986-88). Since 1996, adjunct professor teaching Economics of Transition at the School for Advanced International Studies Johns Hopkins University. Ph.D. in economics 1987, Belgrade University.