Celebrating twenty years of transition from socialism to capitalism, the first edition of this book has become a popular core textbook for undergraduate courses in transition economics and comparative economic systems. Transition Economics: Two Decades On reviews and accounts for the outcomes in the so-called transition economies and takes the reader through developments and issues in the twenty years of transition from plan to market. This new edition brings this ever-changing story up to date. Taking a thematic approach, and reflecting the latest research on the subject, the book focuses on the key elements of economic transition, including: the initial conditions at the outset of transition paradigms and patterns of transition the main transition policies and economic reforms the performance of transition countries and firms the lessons from transition. The textbook covers a wide range of both contemporary microeconomic and macroeconomic issues, in over thirty ex-socialist European and Asian countries, including Russia and China. This new edition has been fully revised and updated to reflect key changes that have taken place since the first edition, such as the major developments in Russia and China, as well as continued impacts on inequality, institution building and the political economy of reforms. The book is suitable for use as a core textbook for undergraduate courses in transition economics and comparative economic systems.