What are the conditions that must be met for an economy to make the transition form being a planned to a market economy

World market economies are comprised of two different types of markets. Those markets are free market economy and planned market economy. Free market economy is an economic system which resolves the basic economic problem through the market mechanism. Planned market economy is an economic system where the government, through a planning process allocates resources in society. Countries such as Russia and China whose markets are based on planned economy, have being experiencing problems such as …

…