Only in the third wave do we face the inevitable structural reform. II. Excuses  What are the excuses as regards pension reform? 1)  Demographic pressure is delayed  The peak in the level of public spending will occur already by 2030 in Austria and Finland.
But still, we can say that, the demise of centrally-planned economies – most notably the internal transformation of China and the dissolution of the Soviet Union unleashed the forces of globalization which had been building up during the 1980's. The obvious result of this was that the former communist block countries opened up and became integrated into the world economy.