Economic reforms after the collapse of socialism

Economic reforms after the collapse of socialism in former Eastern Bloc countries as well as in the People's Republic of China, India and many other countries happened suddenly and simultaneously after the Revolutions of 1989.
The reforms led to large changes in the global economy. China's rapid growth has led some people to predict a "Chinese Century".
Overview
Harvard University Professor Richard B. Freeman has called the effect of reforms "The Great Doubling". He calculated that the size of global workforce doubled from 1.46 billion workers to 2.93 billion workers.
An immediate effect was a reduced ratio of capital to labor. In the long term China, India, and the former Soviet bloc will save and invest and contribute to the expansion of the world capital stock.
Eastern Bloc
Eastern Bloc economies faced serious economic challenges.
In the early 1990s, a popular refrain stated that "there is no precedent for moving from socialism to capitalism."
In 2004 Polish Nobel Peace Prize winner and President Lech Walesa described a transition from capitalism to communism as "heating up an aquarium with fish" to get fish soup. He said that reversing communism to capitalism was challenging, but "We can already see some little fish swimming in our aquarium."
There was a temporary fall of output in official economy and increase in unofficial economy. Eventually the official economy began to grow.
Countries implemented different reform programs. In Poland the Balcerowicz Plan was named after the economist Leszek Balcerowicz.
Oleh Havrylyshyn has categorized the speed of reforms:
* Sustained Big-Bang: Estonia, Latvia, Lithuania, Czech Republic, Poland, Slovakia
* Advance Start/Steady Progress: Croatia Hungary, Slovenia
* Aborted Big-Bang: Albania, Bulgaria, Macedonia, Kyrgyzstan, Russia
* Gradual Reforms: Azerbaijan, Armenia, Georgia, Kazakhstan, Ukraine, Tajikistan, Romania
* Limited Reforms: Belarus, Uzbekistan, Turkmenistan
It was concluded that gradual reformers suffered more social pain, not less. The Human Development Index values steadily increased in Central Europe and more than recovered in Baltic countries by 2000. In the CIS countries the recovery was much slower.
India
Indian economic reforms were initiated in 1991.
Israel
During the 1980s, many people started leaving their kibbutzim, and there was considerable tension due to the economic situation. In order to cope with the situation, some kibbutzim began to change in various ways. Extensive privatization of the kibbutz services took place.
Professor Omer Moav has argued that "What's happened in the kibbutzim is a crushing victory for capitalism. I don't want to argue about whether the kibbutzim were a success in the past, but after the 1970s they survived despite the inefficiencies of socialism only thanks to the generous help of the taxpayers, and they did not pass the true test: Did their sons and daughters choose to continue living there?"
Vietnam
Doi Moi is the name given to the economic reforms initiated in Vietnam in 1986.

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