economic transition
System changes hands
Economic transition is a shift in an economy's fundamental structure—typically from centrally planned to market-based systems, or from agricultural to industrial to service-based.
The term gained prominence after the Soviet collapse, when former communist states underwent rapid privatization and deregulation: Poland's economic transition was among the most successful.
The phrase now also describes shifts toward green or digital economies.
- deindustrializationLoss of industrial capacity
- rust beltDeclining industrial region
- digitalizationConverting to electronic format
- free marketCommerce without state intervention
- globalizationWorldwide economic and cultural integration
nationalization · urbanization · automation · privatization · shock therapy · international trade · socialism · carbon neutrality · capitalism · deregulation · creative destruction · boom and bust · manufacturing sector · emerging markets · brain drain · post-industrial · artificial intelligence · liberalization
- Cold War GermanyBerlin Wall, East Germany, West Germany, German reunification, divided Germany
- post-industrialdeindustrialization, service sector, information age, knowledge workers, manufacturing decline
- Post-SovietRussia, Ukraine, Belarus, Kazakhstan, Uzbekistan
- Transition EconomiesPoland, Hungary, Czech Republic, Romania, Bulgaria
- 1920s AmericaCharles Lindbergh, Jazz Age, Spirit of St. Louis, flappers, transatlantic flight
- ArmeniaYerevan, Mount Ararat, Ararat, Etchmiadzin, Armenian Genocide
economic transitioneconomic stability
Sustained healthy financial conditions
economic stagnation · status quo · steady state · business as usual · arrested development
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