When East European communism collapsed in the revolutions of 1989, the newly liberated countries discarded socialism altogether. For the first time, most of Eastern Europe experienced free elections and a multitude of parties, mostly with liberal, conservative or nationalist connotations, made their entry into political life. A bewildered world is now trying to imagine the future course of events. Has capitalism won or is something different emerging? Has market socialism vanished for good? How can the transitionary period be managed and what effect will it have on the standard of living in Eastern Europe? In this book, ten distinguished experts explore this transition to a market economy in Eastern Europe. In part I the authors consider what remains of market socialism. Wlodzimierz Brus discusses the future roles of both planning and the market, Mario Nuti argues that market socialism never existed, whilst Gerhard Fink outlines how a normal market economy can be established. In the following section, Jan Adam, Pekka Sutela and Anders Aslund investigate the development of economic thinking and policy making in Poland, Hungary and the Soviet Union and Stephen Fortescue examines the role of Soviet industrial ministries. The final part is devoted to aspects of the Soviet economy under perestroika. Sheila Marnie analyses labour issues, Henryk Flakierski assesses income distribution and Jan Ake Dellenbrant offers fresh insights on current economic levels in Estonia and Finland. Market Socialism or the Restoration of Capitalism? Presents a collection of thought-provoking articles on a most topical issue that few have yet managed to study. It will therefore be essential reading for all students and specialists of Soviet and East European studies, economics and politics.