For many decades, Eastern Europe and the former Soviet Union lived under communist rule, their economies governed by central planning. Suddenly the Berlin Wall was opened in 1989, the Iron Curtain was torn down; the communist system collapsed and soon the whole region was in a ferment, politically and economically.

What happened to industry and businesses in the post-communist era? The travails of transition economics is Professor Hares chosen subject in this highly informative and delightfully readable economic odyssey. His travels take him all over, from Vorkuta in Northern Russia to...