This book describes how liberalization, deregulation, and privatization had catastrophic effects on former Soviet Bloc countries from the period of 1989 to the present.

Philipp Ther--a firsthand witness to many of the transformations, from Czechoslovakia during the Velvet Revolution to postcommunist Poland and Ukraine--offers a sweeping narrative filled with vivid details and memorable stories. He describes how liberalization, deregulation, and privatization had catastrophic effects on former Soviet Bloc countries. He refutes the idea that this economic "shock therapy" was the basis of later growth, arguing that human capital and the "transformation from below¿ determined economic success or failure. Most important, he shows how the capitalist West's effort to reshape Eastern Europe in its own likeness ended up reshaping Western Europe as well, in part by accelerating the pace and scope of neoliberal reforms in the West, particularly in reunified Germany. Finally, bringing the story up to the present, Ther compares events in Eastern and Southern Europe leading up to and following the 2008-9 global financial crisis.

"Finalist for the 2017 Prix du Livre Européen, Esprit d'Europe"