Table of Contents

Introduction; S.Estrin, G.Kolodko & M.Uvalic PART I: THE SOCIALIST LEGACY The Rise and Fall of Socialist Planning; M.Ellman Life Cycle of the Centrally Planned Economy: Why Soviet Growth Rates Peaked in the 1950s; V.Popov Are Transition Economies Normal Developing Countries? The Burden of the Socialist Past; M.Keren & G.Ofer PART II: TRANSITION: FROM SOCIALISM TO CAPITALISM Growth, Initial Conditions and, Law and Speed of Privatization in Transition Countries: 11 Years Later; S.Godoy & J.E.Stiglitz Skills and the Transition; S.Commander Financial Transition in Central and Eastern Europe: A Note; M.de Cecco Investment, Wages and Corporate Governance During the Transition: Evidence from Slovenian Firms; J.Prasnikar & J.Svejnar How Different is Serbia?; M.Uvalic The Search for Identity: Where is Russia Heading?; P.Desai The Effects of Privatization on Company Performance in Belarus; S.Estrin, M.Bakanova, I.Pelipas & S.Pukovich PART III: BEYOND TRANSITION Complexity and Systemic Failure; V.Tanzi Risk Management and Systemic Risk; J.Eatwell Optimal Transition Trajectories?; L.Csaba The Great Post-Communist Change and Uncertain Future of the World; G.W.Kolodko

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MARINA BAKANOVA World Bank Country Economist for Belarus SIMON COMMANDER Director of the Centre for New and Emerging Markets (CNEM), London Business School, UK; Senior Adviser, European Bank for Reconstruction and Development, UK L SZLA" CSABA Professor of Economics and European Studies, Central European University, Budapest, Hungary; Professor, University of Debrecen, Hungary; Professor, Budapest Corvinus University, Hungary MARCELLO DE CECCO Professor of Monetary and Financial History, Scuola Normale Superiore di Pisa, Italy PADMA DESAI Gladys and Roland Harriman Professor of Comparative Economic Systems and Director of the Centre for Transition Economies, Columbia University, USA; Member, Council on Foreign Relations, USA JOHN EATWELL Lord Eatwell of Stratton St. Margaret (Life Peer); President, Queens' College, Cambridge, UK; Director, Cambridge Endowment for Research in Finance, UK; Professor of Financial Policy, Judge Institute of Management, University of Cambridge, UK MICHAEL ELLMAN Professor of Economics, University of Amsterdam. The Netherlands SERGIO GODOY Senior Economist, Financial Operations Division, International Finance Group, Central Bank of Chile, Chile; Part-Time Professor in Emerging Financial Markets, Universidad Catolica de Chile, Chile MICHAEL KEREN Professor, Department of Economics, Hebrew University, Jerusalem, Israel GUR OFER Harvey M. and Lyn P. Meyerhoff (Emeritus) Professor of Soviet Economics, Department of Economics and Department of Russian Studies, The Hebrew University, Jerusalem, Israel IGOR PELIPAS Director, Research Centre of the Institute for Privatization and Management (IPM), Minsk, Belarus VLADIMIR POPOV Professor, New Economic School, Moscow, Russia; Sector Head, Academy of the National Economy, Moscow, Russia; Visiting Professor, Carleton University, Ottawa, Canada JANEZ PRAA NIKAR Professor of Economics, Executive Director of the Institute for South-Eastern Europe; Associate Dean for Research, Faculty of Economics, Ljubljana, Slovenia; Director, Residential Master's Program in Business and Organization, Ljubljana, Slovenia SERGEI PUKOVICH Institute of Privatization and Management, Minsk, Belarus; Director, Consulting Centre of the Institute for Privatization and Management (IPM), Minsk, Belarus JOSEPH E. STIGLITZ Professor, Columbia University, New York, USA; Chair, Committee on Global Thought, Columbia University, New York, USA JAN SVEJNAR Director, International Policy Centre, Gerald R. Ford School of Public Policy, USA; Everett E. Berg Professor of Business Administration, Professor of Economics and Professor of Public Policy, University of Michigan, USA; Chairman, Executive and Supervisory Committee of CERGE-EI, Prague, Czech Republic; Chairman, Supervisory Board of CSOB Bank, Czech Republic; Governing Board Member, European Economic Association, UK VITO TANZI Consultant, Inter-American Development Bank, USA

About the Author

SAUL ESTRIN is a Professor in Managerial Economics and Strategy and Head of the Department of Management at the London School of Economics, UK. He was previously Professor of Economics at London Business School, UK, where he also served as Adecco Professor of Business and Society, Director of the Centre for New and Emerging Markets, and Deputy Dean (Faculty and Research). Publications include Privatisation in Central and Eastern Europe; Foreign Direct Investment into Transition Economies; Investment Strategies in Emerging Markets, and numerous papers in scholarly journals.