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18 of 23

© 2012 Pearson Education, Inc. Publishing as Prentice Hall

Economists generally agree on six basic requirements for a successful transition to a market-based system:

(1)

Macroeconomic stabilization.

(2)

Deregulation of prices and liberalization of trade.

(3)

Privatization of state-owned enterprises and development of new private industry.

(4)

Establishment of market-supporting institutions such as property and contract laws and accounting systems.

(5)

A social safety net to deal with unemployment and poverty.

(6)

External assistance.

The Transition to a Market Economy

Six Basic Requirements for Successful Transition

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