The transformation process from the planned to the market economy in the East Central European countries is a laboratory of applying economic theory and business ethics to an enormous historical transition in the economic and political system. Authors from the Czech Republic, Hungary, Poland and Slovakia analyse the economic, philosophical and political problems of the transition process. They discuss the economic and legal questions of the privatization of socialized property, examine critically whether pure Liberalism has been and is able to cope with the transition problems, and investigate the role and impact of business ethics in the transition process. This volume contributes to the theory of the role of business ethics in periods of institutional change.