The fall of communism 25 years ago transformed the political and economic landscape in more than two dozen countries across Europe and Asia. In this volume political leaders, scholars and policymakers assess the lessons learned from the "great rebirth" of capitalism, highlighting the policies that were most successful in helping countries make the transition to stable and prosperous market economies, as well as those cases of countries reverting to political and economic authoritarianism. The authors of these essays conclude that visionary leadership, and a willingness to take bold and comprehensive steps, achieved the best outcomes, and that privatization of state-owned enterprises and deregulation were essential to success. Recent backsliding, such as the reversal of economic and democratic reforms in Russia and Hungary, has cast a shadow over the legacy of the transition a quarter century ago, however. This volume grew out of a two-day symposium of experts and practitioners reflecting on the past, present and future of reform, held in Budapest, Hungary, on May 6-7, 2014.