With the collapse of communist totalitarianism, Eastern Europe and the former Soviet Union face political instability and an uncertain economic future, struggling to emulate the success of the West by moving toward Western-style democracy and markets. This offers valuable insights into the nature of liberalism and problems facing liberal reformers.

Introduction; Acknowledgments; List of contributors; 1. The social market economy Norman Barry; 2. From post-communism to civil society: the reemergence of history and decline of the western model John Gray; 3. Asymmetrical reciprocity in the market exchange: implications for economies in transition James M. Buchanan; 4. Institutions, nationalism and the transition process in Eastern Europe Svetozar Pejovich; 5. The economic and political liberalisation of Socialism: the fundamental problem of property rights William H. Riker and David L. Weimer; 6. Democracy, markets and the legal order: notes on the nature of politics in a radically liberal society Don Lavoie; 7. Liberalism: political and economic Russell Hardin; 8. Socialism and the extension of democracy Richard J. Arneson; 9. Liberalism, welfare economics and freedom Daniel M. Hausman; 10. Some rules of constitutional design Peter C. Ordeshook; 11. The morality of inclusion Allen Buchanan; 12. A new contractarian view of tax and regulatory policy in the emerging market economies Robert H. Frank; 13. Associations and democracy Joshua Cohen and Joel Rogers; Index.