Highlights of transition

Just 14 years ago Mongolia was a politically tightly-controlled society with an economic system totally dominated by central planning apparatus, and where any kind of private entrepreneurship was prosecuted as "capitalist greed or profiteering". Mongolia was very closely linked to the Comecon trading bloc and heavily dependent on aid from the Soviet Union. Economic policy was subordinated to directives from Moscow.

In 1990, with the collapse of the Eastern bloc, Mongolia bravely launched wide ec