Economic Transition

Economic transition refers to the process through which a country shifts from one economic system to another, typically from a centrally planned economy to a market-oriented one, or vice versa. This transition can involve major changes in policies, institutions, and the overall economic structure. For example, a country moving towards capitalism might privatize state-owned enterprises, encourage private investment, and reduce government control over the economy. Successful economic transitions aim to stimulate growth, improve efficiency, and enhance living standards, though they can also face challenges such as social inequality and political instability during the adjustment period.