Abstract
The paper investigates the utility of economic theory for post-Communist economic transformation. It serves to explain the main reasons for market reform failure in different post-Communist countries. A literature review suggests that after the collapse of the Communist system there was no economic theory of transition to market. Whenever one considers the transition of post-Communist economies to a market system, it has to be placed on record, as this kind of transition has no precedent in history. There is as yet no special economic theory of post-Communist transformation and it is just developing.
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