This article is an attempt to review papers published in The Economic Review since 1980 from a viewpoint of the collapse of the socialist economic system and the introduction of the capitalist one in Soviet (Russian) and East European countries. In the analysis in these papers, the change from the reform of the socialist system to its replacement with the capitalist one in these countries was vividly depicted. The problems of privatization and the increasing dependency on oil and gas in Russia in the transformation process were sharply analyzed in these papers.
