Twenty years passed now since the countries of the Central and East Europe (СEE) and the former Soviet Union (FSU) have begun the process of transformation from command to market economy and from one-party to a democratic rule. The transition process, at the beginning at least, started with very optimistic expectations in all countries. Transition is expected, as stated in the so-called ‘Washington Consensus’, create unprecedented growth and development. No one could envision failure and traps stuck the development and democracy. After 20 years, the transition economies clustered into different clusters and several development patterns have arisen along with countries that are trapped into almost no development. Among the clusters Turkic states of the Central Asia forms a unique cluster. This study makes a comprehensive attempt to analyze the development patters that have arisen along the way 20-year long. Experiences of 20 years are placed under the microscope to identify successes and failures with regards to both, theory and policy. We set a benchmark for success and successful transition and determine the key factors that have led to success or failure. In the light of the global crises, it easier to identify shortcomings of transition. Major conclusion arising from the study is that the original concept of the ‘Washington Consensus’ has failed to fulfill expectations of growth and development, the state of the art seems to be confusion.
Hope versus Reality: 20 Years of Economic Transition at the Turkish States of the Central Asia