Document from the year 2017 in the subject Economics - Foreign Trade Theory, Trade Policy, language: English, abstract: Over a quarter of a century has elapsed since the disintegration of former Union of Soviet Socialist Republics (USSR) and former socialist nations from the Eastern Bloc. The erstwhile countries from East Europe, Central and East Asia have gradually adopted economic globalization for transition towards market economies. There has been a plethora of research works in the academic world regarding the apparent success or failure of globalization and transition economies as a whole containing strong arguments in favor and against of globalization. This research paper is aimed at identifying the major prospective markets among the economies in transition across the world. For this purpose, an attempt has been made to formulate an index of transition from socialist to market economy by means of a combination of conventional econometrical and statistical methods based on time - series study for a period of 21 years (1995 - 2015) on 19 major countries in the East European, Central and East Asia (including Russian Federation) which adopted the path of economic globalization by shedding the rigid structures of socialistic or command economy since 1990. The Transitional Impact Index (TII) would help to classify the countries in transition broadly into four categories, viz., countries with Low, Medium, High and Very High levels of 'transitional effect' en - route to transformation from socialist to market economy - which will enable us to detect the potentialities of the economies in transition to emerge as the future market leaders in an era of continuing global recession.