The various steps undertaken by IMF, World Bank to make a transition from communism to capitalism are as follows:
(a) Each of these countries was required to make a total shift to a capitalist economy, which meant rooting out completely any structure evolved during the ** **.
(b) It meant that private ownership was to be the dominant pattern of ownership of property. Privatization of the state assets and corporate ownership patterns were to be immediately brought in.
(c) Collective farms were to be replaced by private farming and capitalism in agriculture.
(d) Development was now to be envisaged through more trade, and thus a sudden and complete switch to free trade was considered essential. The free trade regime and foreign direct investment (FDI) were the main engines of change.
