Transitioning from a centrally planned economy to a market economy

Question

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Transitioning from a centrally planned economy to a market economy is possible but faces many challenges. This transition involves changing the entire structure of an economy, including the legal, institutional, and cultural framework. It also requires the development of markets, the creation of new businesses, and the change of mindset among the population. Additionally, this transition could lead to economic instability and social unrest, causing short-term issues that governments must manage.

Transitioning from a Centrally Planned Economy to a Market Economy