Abstract
This chapter discusses briefly the transition journey that Central and Eastern European Countries (CEECs) have travelled in the last two to three decades. It mentions the faltering early years, the sunk costs of transition, the transformation into maturing upper-income countries, the expansion of trade as well as the process of integration with the European Union, which acts as a core catalyst in growth acceleration. It highlights the importance of trade in general and its importance for the CEECs in particular. We explain the advantages of specialization and trade. We also present the challenges that trade faces in the context of globalization.
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Notes
- 1.
CMEA: known as the Council for Mutual Economic Assistance was a body that governed trade relations between the countries of Central and Eastern Europe before 1989.
References
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Voicu, A.M., Sen, S., Martinez-Zarzoso, I. (2018). Introduction: The Journey Begins. In: Trade, Development and Structural Change. Studies in Economic Transition. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-59005-6_1
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DOI: https://doi.org/10.1057/978-1-349-59005-6_1
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Publisher Name: Palgrave Macmillan, London
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