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A third-world nation going through a process of transition to more liberal, market-friendly structures and related elements of liberal democracy.
What characteristics best describe a changing economy?
Transitional economies are countries whose governments are now implementing macroeconomic changes to alter the way their economies are managed. It usually signifies a fundamental change away from an economy that is mostly governed by the state and toward one that is more influenced by the market.
The transition process' main components include liberalization, macroeconomic stabilization, privatization, and judicial and institutional changes.
What specifically is wrong with transition economies?
The high level of market power concentration, which raises the risk of corruption, is a significant trait of transition economies. The corruption in these transition countries is arguably the biggest barrier to their social and economic progress.
Learn more about Transitional economies: https://brainly.com/question/2861587
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