Transition Economies: A Look at Russia, Ukraine and Poland

The following paper examines transition economies of Russia, Ukraine and Poland. It takes a look at their transition period into a market economy for the period between 1989 and 1997. It looks at the initial transformation policiies implemented by these countries. The effects of these policies determined the recovery of each nation. Poland was able to implement broad reforms on the macro and micro level and as a result had a small contraction period which was followed by a rapid recovery. Russia and Ukraine failed to fully implement its reforms and as a result suffered economic downturn throughout this period. The paper examines where Russia and Ukraine went wrong and what more needed to be done. It compares the two countries to Poland and looks for possible explanations for the economic slump