Transition Economies
[Source: flickr.com Image by sludgegulper Some rights reserved]
According to the International Monetary Fund (2000) the following economies can be categorised as making the transition from command to free market economies in recent history.
Transition economies in Europe and the former Soviet Union
CEE
Albania, Bulgaria, Croatia, Czech Republic, FYR Macedonia, Hungary, Poland, Romania, Slovak Republic, SloveniaBaltics
Estonia, Latvia, LithuaniaCIS
Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, UzbekistanTransition economies in Asia
Cambodia, China, Laos, Vietnam
Source: Transition Economies: An IMF Perspective on Progress and Prospects (2000)
Use your text book and the web to find out what a transition economy is in theory. Then, having selected one of the above, work in a pair to research a real life transition economy. Your 3 specific goals are to:
1) Evaluate how well the economy fits the general theory behind transition economies. Make sure you use headings from the theory to structure this aspect of your research.
2) Evaluate the impact of the transition on different stakeholders (groups of people) – for example: firms, low income groups, high income groups, other nations, the government.
3) Evaluate the transition in terms of both the short term and long term consequences on that economy.
A very tongue-in-cheek comic take on transition economies can be seen here:
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