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The paper investigates the utility of economic theory for post‐Communist economic transformation. It serves to explain the main reasons for market reform failure in different post‐Communist countries.

A literature review suggests that after the collapse of the Communist system there was no economic theory of transition to market. Whenever one considers the transition of post‐Communist economies to a market system (which, in fact, is nothing but post‐Communist transition to capitalist economies), it has to be placed on record, as this kind of transition has no precedent in history.

The main mistake of gradualists stems from their overlooking some very important conditions for successful transition: political guarantees and internal assets for reforms. And the success of shock therapy rests on the paradox, “the worse, the better”.

There is as yet no special economic theory of post‐Communist transformation and it is just developing. This paper helps one to understand the main features of shock therapy and gradualism for designing the framework of such a theory. It is geared towards researchers and students interested in the theoretical aspects of the post‐Communist economic transition to markets.

This paper aims to explore the level of convergence in employment practices among firms in the post‐communist countries and capitalist countries in South Eastern Europe. Firms from a total of ten countries were included in the post‐communist block and firms from Greece and Turkey were included in the capitalist block. The main purpose was to verify whether employment practices in firms in the post‐communist countries now resemble that of firms in the capitalist countries after almost a decade of transition.

The study analyzed the employment practices in terms of the skill ration, employment of temporary workers and the education level of employees of about 8,000 firms in the region.

In terms of skill ratio and the education level significant levels of divergence was found between firms in post‐communist countries and capitalist countries. However, in terms of employing temporary workers significant levels of convergence was detected.

The research shows that there is some convergence in the employment practices of post‐communist countries and capitalist countries. This shows that several post‐communist countries in South East Europe have completed the transition from a communist society to a capitalist society.

The study is one of the first, which compares the employment practices of post‐communist and capitalist countries in the region. By showing some levels of convergence, the study argues that the transition period in the post‐communist economies is finally ending and thus firms in post‐communist countries finally resemble those in capitalist countries at least in employment practices.

This paper seeks to identify the contribution Islamic political economy can make to the contemporary debate which is going on regarding deregulation and the role of the state under transition.

A perspective of Islamic political–economic doctrine is discussed and hypothetical implications of this doctrine for post‐Soviet nations are presented through analysis of existing concepts and case studies.

The paper finds that Islamic political economy itself is not synonymous and based on different schools of law as well as local practices, which makes it flexible in time and applicable in different given conditions. The main finding is about placing ethics in the core of whole policy approach.

Research is more analysis‐based and does not provide enough empirical data. Thus if it were based on the conceptual framework set by the paper surveys and other forms of field research, it would be helpful.

Research comes up with the set of policy recommendations to be implemented as well as with an overall “Three “I” Model” of public policy, which revises the contemporary utilitarian approach to public policy.

The paper proposes an alternative approach to the “state‐economy dilemma”. Review of related literature, on the one hand, and analysis/synthesis of the concepts on Islamic approach to addressing politico‐economic problems of the post‐communist transition, on the other hand, also add value.

Readers from outside the region may not be familiar with the subject matter, therefore, the purpose of this paper is to serve as a foundation for the further reading and appreciation of the submitted manuscripts.

Based on a pertinent literature review, the foreword addresses the general subject matter of this special edition. The approach used was to introduce the reader to the contents as well as to complement and introduce the contributions.

The literature review substantiates the varied positions adopted and exposed by the contributing authors.

The contents are derived from original research. The value, as mentioned above, positions the reader to better understand the subject matter at hand.

This paper seeks to examine academic literature and business regulation for land acquisition in Estonia in relation to small and medium enterprises (SMEs). The objective of the paper is to give information beneficial for the enhancement of the business environment, for SMEs. Furthermore, to assist foreign SMEs decision making related to land acquisition within Estonia, an important country within the “Northern Dimension” of the expanded European Union (EU).

This exploratory paper makes use of World Bank Surveys, primary business law sources together with an interview from a business within the country assessed giving a grass‐roots perspective.

The investigation reaffirms the importance of SMEs within former economies from a Soviet background such as Estonia. It also emphasises the correlation between economic growth, land acquisition and business law and identifies the significance and “key” aspects of land acquisition for an SME. Furthermore, it assesses Estonia's exemption from the movement of free capital within the EU affecting land acquisition by a foreign SME. It shows it is slightly more difficult for an SME from another EU Member State to acquire land (including a size restriction on agricultural land). Additionally, the notarisation process could be reformed in Estonia which would quicken and cheapen the procedure for land acquisition by SMEs. It emphasises that overall a very positive progression has been made by Estonia within its business law environment conducive to land acquisition by SMEs.

This research demonstrates the reality of Estonian land acquisition regulation and its positive progression. It shows that for an entity from another EU state (other than Estonia) it is restricted from acquiring certain types of land. Additionally, unofficial costs, a legacy from the Soviet period are almost non‐existent within the Estonian land registration system. Some of the gaps within the World Bank Surveys are filled by the interview, although further evaluation is needed from other academics.

The research highlights the importance of land acquisition for SMEs, a new EU Member State's exemption from the free movement of capital and the reality of land acquisition regulation for an SME in Estonia.

The purpose of this paper is to suggest that informal practices and institutions of post-Soviet countries differ from informality in other post-socialist regions and, therefore, proposes categorizing it as “post-Soviet informality” – a composite definition that extends beyond the concept of “informal economy” and encompasses, along with economic activities, social and political spheres.

The arguments of the paper are based on a comprehensive analysis of secondary sources.

This paper shows that, owing to the effects of antecedent regime’s legacies and the problems of post-communist transition, for the proper analysis of informality in post-Soviet countries it needs to be based on an own concept.

This study, in contrast to the existing literature on informality in post-communist spaces, specifically focuses on the informal sphere of post-Soviet countries, suggesting that the informal institutions and practices thriving across the vast post-Soviet space not only differ from the informal spheres elsewhere in the world, but also from informality in other post-communist regions.

Examines the sequencing of economic reforms in the post‐communist transition, focusing on Russia. Proposes a moderately expansionary stabilization, succeeded by gradual liberalization and marketization, followed by a more ambitious economic restructuring and privatization.

The purpose of this paper is to study the effects of a variety of levels of education, namely, high school, vocational and university education, on the probability of being employed in Eastern Europe and the former Soviet Union.

The data are from two waves of the Life-in-Transition Survey that covers 29 post-communist transitional countries. The number of binary logistic models is estimated to quantify the effects of different types of education on the likelihood of being employed, while controlling for different sets of covariates.

The findings reveal that the effect of employment associated with university education is higher than that of vocational education, which in turn is higher than that of high school education. However, the differences between the effects of the various levels of education are not considerable. Any specific level of education is always associated with a higher effect in Eastern Europe as compared to the former Soviet Union. The effect of education is also found to be higher for females than for males. In the former Soviet Union, the positive effect of university and vocational education on employment is found to go down with age.

This is the first study which compares effect of different types of education on probability of being employed on a diverse sample of 29 post-communist countries over the period of five years.