MILICA UVALIC is Professor of Economics, University of Perugia, Italy. Member of the UN Committee for Development Policy. Previously she was President of EACES, Vice-Minister for Foreign Economic Relations in the first post-Milosevic government of FR Yugoslavia, and Research Fellow at the European University Institute in Florence, Italy. Books include Investment and Property Rights in Yugoslavia, The PEPPER Report, Privatization Surprises in Transition Economies (with D. Vaughan-Whitehead), Transition and Beyond (with S. Estrin and G. W. Kolodko) and Globalization, Development and Integration (with P. Della Posta and A. Verdun).