transition economies

Transition economies are countries shifting from centrally planned systems, where the government controls production and prices, to market-based economies that rely on private ownership and free markets. This process involves reforms like privatization of state-owned enterprises, establishing property rights, and creating legal and financial institutions to support competition. The goal is to promote economic efficiency, growth, and improved living standards. Examples include nations in Eastern Europe and parts of Asia that moved away from communist or socialist models toward free-market systems after political and economic changes.