Abstract:After the collapse of the communist regime East Germany became the prime example of a 'Big Bang' strategy of transformation. Rapid marketization and privatization brought about a disastrous economic downturn. But immense transfer payments from West Germany and the import of a well-developed system of social security institutions accompanied the transformation, minimizing social costs. This article summarizes the main developments and analyzes their impact on the living conditions of East German households. The… Show more
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