Legal traditions and competition policy
The two decades beginning from the early 1980s witnessed significant institutional changes in many economies in the world. Socialist countries in Eastern Europe and Central Asia underwent political transformation into democracies and embraced the market system. Other socialist countries that did not undergo political transformation, such as China and Vietnam, began using market mechanisms selectively to enhance their economic performance. At the same time, countries that have already adopted the market system undertook to give market forces a greater role in their economies by divesting state-owned enterprises through large-scale privatization.
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