This book explores the socialist legacy in Central and Southeast Europe and the CIS, the economics of transition and progress in the global economy after transition. The book provides an up-to-date evaluation of the transition, as well as insights and discussion on current phenomena such as globalization and complexity. Original essays are included on the socialist legacy by Michael Ellman, Vladimir Popov and Michael Keren with Gur Ofer. Papers on transition focus on privatization and growth by Godoy and Stiglitz; skills by Commander; banking reforms by de Cecco and country studies by Desai (Russia), Estrin et al (Belarus), Prasnikar and Svejnar (Slovenia), and Uvalic (Serbia). Finally, four papers consider the evolution of the global economy beyond transition, with Tanzi on complexity, Eatwell on risk management, Csaba on the optimal transition path, and Kolodko on globalization.