Great Transformation. Could it Have Been Better? Will it Be Better?

DOI: 10.20542/0131-2227-2010-4-3-14

G. Kolodko, Transformation, Integration and Globalization Economic Research Center, Kozminski University, 59, Jagiellonska Str., Warsaw, 03-301, Poland (

Abstract. The process of systemic transformation to market economy has evolved more by chance than by design, and has beared mixed fruit. The diversity of current conditions is a result of both the legacy of the past and different strategies/policies executed in particular countries afterwards. These polices have been based on different assumptions and followed the advices from alternative schools of economic thought. In the paper written from the comparative perspective, with the use of counterfactual history principles, the multiple-path process of post-communist transformations during the last two decades is examined, some forecasts and propositions for the next generations are provided.

Keywords: post-socialist transformation, developing markets, economic growth, gross domestic product, Human Development Index, integrated welfare measure, European Union, Poland

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For citation:
Kolodko G. Great Transformation. Could it Have Been Better? Will it Be Better?. World Eonomy and International Relations, 2010, no. 4, pp. 3-14.

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