This book presents the most important areas of economic transformation in East-Central Europe. It describes the short experience of statehood of the newly independent states and deals with two topical problems of the leading reforming countries: with fiscal policy and industrial policy.

Introduction Part I: The Current State of Economic Transformation 1. Shared Aspirations, Diverging Results 2. Frictions in the Economic Transformation of Czechoslovakia, Hungary, and Poland 3. Foreign Trade Liberalization During the Transition to a Market Economy Part II: Fiscal and Industrial Policy During Transformation 4. Fiscal Policy and Effective Demand During Transformation 5. Industrial Policy and the Transition in East-Central Europe 6. Industrial Policies for Countries in Transition? Part III: New Countries on the Map 7. The Separation of Czechoslovakia 8. Yugoslavia's Successors 9. Russia's Attempted Stabilization Fails 10. Ukraine's First Year of Economic Statehood