'Somewhere Over the Rainbow': The Post-Soviet Transition,the Market and the Mythical Process of Convergence

At the core of thinking about the post-communist transition has been the goal of convergence with the advanced West. This article accepts the legitimacy of this goal but argues that the prospects for its achievement are not good. Neo-classical theorists have misled and continue to mislead policy makers about the ease with which the goal can be achieved and the necessary conditions. The global pattern of growth and development suggests that 'convergence' is not a general characteristic of the world economy. A realistic appraisal of the potential in the transition bloc has therefore to address both regional problems and the overall pattern of global inequality.