At a conference several years ago, the reform process in Eastern Europe was compared first with post-war reconstruction and then with the reconversion of regions or industries in decline.1 Of the latter, we have plenty of examples, for instance, the shipbuilding industry in Europe or the coal, steel and textile sectors.
Generally speaking, the transformation of these industries is a slow and painful process, usually at a high cost. Whereas post-war reconstruction was a process of building upon what existed, reconversion, by its nature, implies changing and perhaps destroying the existing structure, not building upon it. This is much harder to achieve. Which experience is the more relevant for Eastern Europe? In my opinion: reconversion.