“…The second, some 70 years later, marked the onset of postsocialist economic and political transition [ADB, 1992;IBRD, 1992;Aubin, 1993;Collins and Nixson, 1993;Lee, 1993;Hahm, 1994]. During the first period (1921-91) Mongolia undertook the collectivisation of its rural economy along Soviet lines [Humphrey, 1978;Lattimore, 1980;Rosenberg, 1981;Mearns, 1991a], while decollectivisation has largely taken place in Downloaded by [Monash University Library] at 21:36 03 February 2015 the period since 1991 [Potkanski, 1993;Swift and Mearns, 1993]. By the standards of transitional economies in Eastern Europe and elsewhere, Mongolia has undertaken extremely rapid structural reform: 'by the end of 1992, more than 80 per cent of the industrial, service, trade and agricultural sectors had been privatised, judged by both the number of enterprises and the amount of capital stock' [Korsun and Murrell, 1994: 2],…”