On an unprecedented scale, nations at all income levels and across the political spectrum have initiated privatization programs over the past twenty years. In the course of this privatization movement, microeconomic efficiency arguments have become the standard justification for the divestment...

The New Market Economies of Eastern Europe have been experiencing fundamental systemic changes over recent years. Nevertheless, the field of Economic Transformation is still in its infancy and some important policy questions have been neglected altogether. "The Economics of Transformation"...