The economic transformation of Central Europe: An evaluation of the first decade

This paper attempts to analyze, evaluate and compare the relative success or failure of the first ten years of the economic transformation of four Central European Economies (Czech Republic, Hungary, poland and the Slovak Republic) and Russia. For our analysis, we use some basic macroeconomic historical data. The period discussed reflects the ten-year period since the 1989 economic system changes in Eastern and Central Europe. Our preliminary analysis suggests that the "shock therapy" approach to economic transformation from command economies to market economies may have been more effective in shortening the duration of economic adjustment.