The Emergence of Markets and Marketing Systems in Transition Economies of Europe and Central Asia

Summary A brief overview of the transitional economies of Europe and Central Asia reveals that none of the economies are poised to achieve superlative economic performance in the coming years. This paper re-addresses some of the initial debates in economic transition and argues in favor of a micro-approach to the creation of a market economy. Specifically, the paper identifies some core priorities in the development of markets, marketing systems and market-friendly institutions.