This textbook examines economic development from the perspective of comparative economics, demonstrating how institutional change underlines economic reform. It presents the key issues relating to the process of economic development in a clear and understandable manner, highlighting the importance of institution building, long-run legacies, and policy reform. With more than thirty countries having embarked on the economic transition path after implosion of the Soviet system, understanding why some have become well-functioning market economies while others have regressed is crucial to appreciating the drivers of economic development. The case studies from Central and Eastern Europe and Central Asia are seen in the wider context of development of other low and middle-income countries.

This book aims to provide readers with a thorough understanding of the processes of institutional change and economic development. It will be of particular interest to undergraduate and postgraduate students studying transitional economics, comparative economics, and economic development.

Tomasz Mickiewicz is Professor of Economics at Aston University, UK.

Elodie Douarin is Professor of Economics and Society at the University College London, UK.