Market Liberalization and Transition Economies: Approaches, Dynamics and Considerations

History presents several examples of transitions from centrally planned economic systems to market-oriented ones, where countries undertook broad economic liberalization processes in, typically, relatively short time spans. Outcomes of such transitions have registered relevant variety, with some countries achieving substantial integration with advanced economies and their systems of interaction, some seeing only partial processes of reforms, and others remaining stuck into previous patterns, with only minimal show of 'openness' towards contemporary global economic trends. Economic, institutional, and socio-political issues, often controversial ones, interlace in these processes of transformation. The present work aims to give an understanding of these processes, and an interpretation over their long-run developments and sets of implications. At the core, examples of major transition countries are highlighted and analysed, namely Korea, Russia, and China, with reference to other countries of the former communist Eastern bloc. Such analyses allow to emphasize relevant aspects in order to better understand the past, present, and future international context in relation to the topic.