Topic: Transition Economies and the Pros and Cons of Private Sector v/s Government institutions

Transition Economies and the Pros and Cons of Private Sector v/s Government Institutions

Introduction

A transition economy can be defined as an economy which is undergoing a change. This change in the economy is due to the fact, that there is a modification in the centrally planned economy, i.e. made by the government towards an incentive system, created by free markets. The economic growth occurs when the market policies are not under the regulation of the centrally made budget plans and that the economy undergoes liberalization, where market forces ...