Can the economies of Eastern Europe make the dramatic transition from centrally planned to market-led economies? This is one of the most important and topical issues to arise from the events of 1989-90.Prior to the failure of communism in the Eastern Bloc, reform-minded economists had experimented with the concepts of 'market socialism' which presented no real challenge to the basics of the Soviet-type system. However, those same economists are now formulating radical proposals for de-regulation, privatization and political democratization. Reform and Transformation in Eastern Europe tries to understand the intellectual background that changed these 'reformers' into 'transformers' and examines the problems of managing this dramatic transition. It demonstrates the rediscovery of economic liberalism in Eastern Europe and provides a fresh look at economics in this area. The book is also theoretically important. 'Reform economics' is treated as a legitimate scientific problem in the history of economic thought, rather than an obscure ideological corollary of practical reform making, as it is usually considered. The contributors include some of the most distinguished economists and policy makers in Europe. The book examines its subject from three perspectives--Western liberal economics (the likely future); Stalinism (the past); and the prospects for successful transition. Reform and Transformation in Eastern Europe offers a distinctive insight into one of the major issues facing the new governments of Eastern Europe.