ABSTRACT
We concentrate on the three central elements of transition, i.e. stabilisation, liberalisation and privatisation, in the next three sections respectively. We briefly discuss the importance of price stability, price and trade liberalisation and private ownership in theory as well as the relevant Soviet inheritance. Subsequently the developments in the Newly Independent States since 1992 are dealt with. It is found that progress in some Newly Independent States has been considerably more substantial than in others.
