The ‘new economy’, based mostly
on the new information and communication technologies (ICT) offers
for transition economies a great potential for faster long-term
economic growth and catching-up with developed countries.
However, this great potential of the technological
revolution can not be realized without a developed institutional
and economic infrastructure as well as the appropriate policies.
This is particularly true for the postsocialist countries where
the process of institution building of the market economy after
more than a decade of transformation from a command economy is
still far from being concluded. Like the technological revolution,
the postsocialist institutional revolution is not over.