Celebrating twenty years of transition from socialism to capitalism, this book is designed to be the core textbook for undergraduate courses in transition economics and comparative economic systems.

Gerard Turley is at the J.E. Cairnes School of Business and Economics in the National University of Ireland, Galway.

Peter Luke is currently on a career break from the UK Government's Home Office Department where he works as an economic advisor. As part of his career break he is teaching economics in Beijing, China.

Introduction 1. Pre-Transition: The Socialist System 2. Stylised Facts of Transition: Two Decades On 3. Initial Conditions at the Outset of Transition 4. Paradigms of Transition 5. Transition Reforms and Economic Policies 6. Enterprise Reform and Restructuring 7. Performance and Transition Outcomes 8. Labour Markets in Transition 9. Economic Transition: Russia versus China 10. Lessons from Transition