Globalization and post-communist transition are currently two of the most important economic issues. Kolodko considers the links between them, and the way forward for post-socialist economies.

Introduction
Globalization and Postsocialist Transformation
Transitional Recession and the Great Depression of the 1990s
Different Paths of Contractions, Recovery and Growth
Policy Response and the Role of Institution-building
Market Imperfections and the New Role of the Government
Small versus Big Government and the Quest for Equitable Growth
External Shocks and the Catching-up Process
Passive Scenarios and Active Policies for the 21st Century
Policy Conclusions