More than eight years have passed since the transition to the market economy started in the Central and East European countries and the former Soviet republics. Many facts and experiences have accumulated concerning transitional policies implemented during this period and their results. It has, therefore, become possible to analyse the policies on the basis of those facts and experiences, which has resulted in publication of more articles on reexamination of the transitional policies. The most typical one would be World Development Report 1996 (World Bank), which is analysed critically in this paper. It concentrates on liberalisation policy and macro stabilization policy, taking experiences in Russia into account. It is shown that the historically advanced countries in the transition to market economy have implemented far less, and more gradually, the liberalisation and stabilisation of their economy during the eight to ten years, and show better performance in economic growth during the period than the other countries.
