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Transition economy
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Not to be confused with Transition town economics.
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A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy.[1] Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital.[2] The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects.
The transition process is usually characterized by the changing and creating of institutions, particularly private enterprises; changes in the role of the state, thereby, the creation of fundamentally different governmental institutions and the promotion of private-owned enterprises, markets and independent financial institutions.[3] In essence, one transition mode is the functional restructuring of state institutions from being a provider of growth to an enabler, with the private sector its engine. Another transition mode is change the way that economy grows and practice mode. The relationships between these two transition modes are micro and macro, partial and whole. The truly transition economics should include both the micro transition and macro transition.[citation needed] Due to the different initial conditions during the emerging process of the transition from planned economics to market economics, countries uses different transition model. Countries like P.R.China and Vietnam adopted a gradual transition mode, however Russia and some other East-European countries, such as the former Socialist Republic of Yugoslavia, used a more aggressive and quicker paced model of transition.[citation needed]
The term "transition period" is often used to describe the process of transition from capitalism to socialism, preceding the establishment of fully developed socialism.
Contents
[hide]
1 Transition indicators
2 Context
3 Transition in practice
4 Process
5 Countries in transition
6 Branch of economics
7 See also
8 References
9 External links
Transition indicators[edit]
The existence of private property rights may be the most basic element of a market economy, and therefore implementation of these rights is the key indicator of the transition process.
The main ingredients of the transition process are:
Liberalization – the process of allowing most prices to be determined in free markets and lowering trade barriers that had shut off contact with the price structure of the world's market economies.
Macroeconomic stabilization – bringing inflation under control and lowering it over time, after the initial burst of high inflation that follows from liberalization and the release of pent-up demand. This process requires discipline over the government budget and the growth of money and credit (that is, discipline in fiscal and monetary policy) and progress toward sustainable balance of payments.[4]
Restructuring and privatization – creating a viable financial sector and reforming the enterprises in these economies to render them capable of producing goods that could be sold in free markets and transferring their ownership into private hands.
Legal and institutional reforms – redefining the role of the state in these economies, establishing the rule of law, and introducing appropriate competition policies.[5]
According to Oleh Havrylyshyn and Thomas Wolf of the International Monetary Fund, transition in a broad sense implies:
liberalizing economic activity, prices, and market operations, along with reallocating resources to their most efficient use;
developing indirect, market-oriented instruments for macroeconomic stabilization;
achieving effective enterprise management and economic efficiency, usually through privatization;
imposing hard budget constraints, which provide incentives to improve efficiency; and
establishing an institutional and legal framework to secure property rights, the rule of law, and transparent market-entry regulations.[6]
Edgar Feige, cognizant of the trade-off between efficiency and equity, suggests[7] that the social and political costs of transition adjustments can be reduced by adopting privatization methods that are egalitarian in nature, thereby providing a social safety net to cushion the disruptive effects of the transition process.
The European Bank for Reconstruction and Development (EBRD) developed a set of indicators to measure the progress in transition. The classification system was originally created in the EBRD's 1994 Transition Report, but has been refined and amended in subsequent Reports. The EBRD's overall transition indicators are:
Large-scale privatization
Small-scale privatization
Governance and enterprise restructuring
Price liberalization
Trade and foreign exchange system
Competition policy
Banking reform and interest rate liberalization
Securities markets and non-bank financial institutions
Infrastructure reform[8]
Context[edit]
Further information: Soviet-type economic planning
The economic malaise affecting the Comecon countries – low growth rates and diminishing returns on investment – led many domestic and Western economists to advocate market-based solutions and a sequenced programme of economic reform. It was recognized that micro-economic reform and macro-economic stabilization had to be combined carefully. Price liberalization without prior remedial measures to eliminate macro-economic imbalances, including an escalating fiscal deficit, a growing money supply due to a high level of borrowing by state-owned enterprises, and the accumulated savings of households (“monetary overhang”) could result in macro-economic destabilization instead of micro-economic efficiency. Unless entrepreneurs enjoyed secure property rights and farmers owned their farms the process of Schumpeterian “creative destruction” would limit the reallocation of resources and prevent profitable enterprises from expanding to absorb the workers displaced from the liquidation of non-viable enterprises. A hardening of the budget constraints at state-owned enterprises would halt the drain on the state budget from subsidization but would require additional expenditure to counteract the resulting unemployment and drop in aggregate household spending. Monetary overhang meant that price liberalization might convert “repressed inflation” into open inflation, increase the price level still further and generate a price spiral. The transition to a market economy would require state intervention alongside market liberalization, privatization and deregulation. Rationing of essential consumer goods, trade quotas and tariffs and an active monetary policy to ensure that there was sufficient liquidity to maintain commerce might be needed.[9] In addition to tariff protection, measures to control capital flight were also considered necessary in some instances.[10]
Transition in practice[edit]
The most influential strategy for the transition to a market economy was that adopted by Poland launched in January 1990. The strategy was strongly influenced by IMF and World Bank analyses of successful and unsuccessful stabilization programmes which had been adopted in Latin America in the 1980s. The strategy incorporated a number of interdependent measures including macro-economic stabilization; the liberalization of wholesale and retail prices; the removal of constraints to the development of private enterprises and the privatization of state-owned enterprises; the elimination of subsidies and the imposition of hard budget constraints; and the creation of an export-oriented economy that was open to foreign trade and investment. The creation of a social safety net targeted at the individual to compensate for the removal of job security and the removal of price controls on staple goods was also part of the strategy.[11]
The choice of the transition strategy was influenced by the critical state of most post-socialist countries. Policy-makers were persuaded that political credibility took precedence over a sequenced reform plan and to introduce macro-economic stabilization measures ahead of structural measures that would by their nature take longer to implement. The “credibility” of the transition process was enhanced by the adoption of the Washington Consensus favoured by the IMF and the World Bank. Stabilization was deemed a necessity in Hungary and Poland where state budget deficits had grown and foreign debts had become larger than the country’s capacity to service. Western advisers and domestic experts working with the national governments and the IMF introduced stabilization programmes aiming to achieve external and internal balance, which became known as shock therapy. It was argued that “one cannot jump over a chasm in two leaps”.[12]
The many foreign advisers from, principally, the United States, the United Kingdom and Sweden were often under contract to the international financial institutions and bilateral or multilateral technical assistance programmes. They favoured free trade and exchange rate convertibility rather than trade protection and capital controls, which might have checked capital flight. They tended to support privatization without prior industrial restructuring; an exception was to be found in Eastern Germany where the Treuhand (Trust Agency) prepared state-owned enterprises for the market at considerable cost to the government.[13] Western technical assistance programmes were established by European Union – through the Phare and TACIS programmes – and other donors (including the US AID, the UK Know-how Fund and UNDP) and by the IMF, the World Bank, EBRD and KfW, which also advanced loans for stabilization, structural adjustment, industrial restructuring and social protection. Technical assistance was delivered through the exchange of civil servants and by management consultants, including Agriconsulting, Atos, COWI, Ernst & Young, GOPA, GTZ, Human Dynamics, Idom, IMC Consulting, Louis Berger, NIRAS, PA Consulting, PE International, Pohl Consulting, PwC, and SOFRECO.
It had been expected that the introduction of current account convertibility and foreign trade liberalization would force a currency devaluation that would support export-led growth.[14] However, when prices were de-controlled enterprises and retailers raised their prices to match those prevailing in the black market or towards world price levels, earning them windfall profits initially. Consumers reacted by reducing their purchases and by substituting better quality imported goods in place of domestically produced goods. Falling sales led to the collapse of many domestic enterprises, with personnel lay-offs or reduced hours of work and pay. This further reduced effective demand. As imports grew and exporters failed to respond to opportunities in world markets due to the poor quality of their products and lack of resources for investment, the trade deficit expanded, putting downward pressure on the exchange rate. Many wholesalers and retailers marked prices according to their dollar values and the falling exchange rate fed inflation. The central banks in several countries raised interest rates and tightened credit conditions, depriving state agencies and enterprises of working capital. These in turn found it impossible to pay wages on time, dampening effective demand further.[15]
The impacts of the conventional transition strategies proved to be de-stabilizing in the short-term and left the population impoverished in the long-term. Economic output declined much more than expected. The decline in output lasted until 1992-96 for all transition economies. By 1994, economic output had declined across all transition economies by 41 percent compared to its 1989 level. The Central and Eastern European economies began growing again around 1993, with Poland, which had begun its transition programme earliest emerging from recession in 1992. The Baltic States came out of recession in 1994 and the rest of the former Soviet Union around 1996. Inflation remained above 20 percent a year (except in the Czech Republic and Hungary) until the mid-1990s. Across all transition economies the peak annual inflation rate was 2632 percent (4645 percent in the CIS).[16] Unemployment increased and wages fell in real terms, although in Russia and other CIS economies the rate of unemployment recorded at employment exchanges remained low. Labour force surveys undertaken by the International Labour Organization showed significantly higher rates of joblessness and there was considerable internal migration.[17] High interest rates induced a “credit crunch” and fuelled inter-enterprise indebtedness and hampered the expansion of small and medium-sized enterprises, which often lacked the connections to obtain finance legitimately.[18]
In time domestic producers were able to upgrade their production capacity and foreign direct investment was attracted to the transition economies. Local-manufactured higher quality consumer goods became available and won market share back from imports. Stabilization of the exchange rate was made more difficult by large-scale capital flight, with domestic agents sending part of their earning abroad to destinations where they believed their capital was more secure. The promise of European Union membership and the adoption of the EU’s legislation and regulations (the Community acquis or ‘’acquis communautaire’’) helped secure trust in property rights and economic and governmental institutions in much of Central and Eastern Europe.
Some economists have argued that the growth performance of the transition economies stemmed from the low level of development, decades of trade isolation and distortions in the socialist planned economies. They have emphasized that the transition strategies adopted reflected the need to resolve the economic crisis besetting the socialist planned economies and the overriding objective was the transformation to capitalist market economies rather than the fostering of economic growth and welfare.[19]
But by 2000, the EBRD was reporting that the effects of the initial starting point in each transition economy on the reform process had faded. Although the foundations had been laid for a functioning market economy through sustained liberalization, comprehensive privatization, openness to international trade and investment, and the establishment of democratic political systems there remained institutional challenges. Liberalized markets were not necessarily competitive and political freedom had not prevented powerful private interests from exercising undue influence.[20]
Ten years on, in the Transition Report for 2010, the EBRD was still finding that the quality of market-enabling institutions continued to fall short of what was necessary for well-functioning market economies. Growth in the transition economies had been driven by trade integration into the world economy with “impressive” export performance, and by “rapid capital inflows and a credit boom”. But such growth had proved volatile and the EBRD considered that governments in the transition economies should foster the development of domestic capital markets and improve the business environment, including financial institutions, real estate markets and the energy, transport and communications infrastructure. The EBRD expressed concerns about regulatory independence and enforcement, price setting, and the market power of incumbent infrastructure operators.[21]
Income inequality as measured by the Gini coefficient rose significantly in the transition economies between 1987 and 1988 and the mid-1990s. Poverty re-emerged with between 20 and 50 percent of people living below the national poverty line in the transition economies. The UN Development Programme calculated that overall poverty in Eastern Europe and the CIS increased from 4 percent of the population in 1988 to 32 percent by 1994, or from 14 million people to 119 million.[22] Unemployment and rates of economic inactivity were still high in the late 1990s according to survey data.[23]
By 2007, the year before the global financial crisis hit, the index for GDP had reached 112 compared to 100 in 1989 for the transition economies. In other words, it took nearly 20 years to restore the level of output that had existed prior to the transition. The index of economic output (GDP) in the countries of Central and Eastern Europe was 151 in 2007; for the Balkans/ South-eastern Europe the index was 111, and for the Commonwealth of Independent States and Mongolia it was 102. Several CIS countries in the Caucasus and Central Asia as well as Moldova and Ukraine had economies that were substantially smaller than in 1989.[24]
The global recession of 2008-09 and the Eurozone crisis of 2011-13 destabilized the transition economies, reduced growth rates and increased unemployment. The slowdown hit government revenues and widened fiscal deficits but almost all transition economies had experienced a partial recovery and had maintained low and stable inflation since 2012.[25]
Process[edit]
Transition trajectories have varied considerably in practice. Some nations have been experimenting with market reform for several decades, while others are relatively recent adopters (e.g., Macedonia, Serbia and Montenegro). In some cases reforms have been accompanied with political upheaval, such as the overthrow of a dictator (Romania), the collapse of a government (the Soviet Union), a declaration of independence (Croatia), or integration with another country (East Germany). In other cases economic reforms have been adopted by incumbent governments with little interest in political change (China, Laos, Vietnam).[26] Transition trajectories also differ in terms of the extent of central planning being relinquished (e.g., high centralized coordination among the CIS states) as well as the scope of liberalization efforts being undertaken (e.g., relatively limited in Romania). Some countries, such as Vietnam, have experienced macro-economic upheavals over different periods of transition, even transition turmoil.[27]
According to the World Bank's 10 Years of Transition report "... the wide dispersion in the productivity of labour and capital across types of enterprises at the onset of transition and the erosion of those differences between old and new sectors during the reform provide a natural definition of the end of transition."[28] Mr. Vito Tanzi, Director of the IMF's Fiscal Affairs Department, gave definition that the transformation to a market economy is not complete until functioning fiscal institutions and reasonable and affordable expenditure programs, including basic social safety nets for the unemployed, the sick, and the elderly, are in place. Mr Tanzi stated that these spending programs must be financed from public revenues generated—through taxation—without imposing excessive burdens on the private sector.[29]
According to the EBRD a well-functioning market economy should enjoy a diverse range of economic activities, equality of opportunity and convergence of incomes. These outcomes had not yet been achieved by 2013 and progress in establishing well-functioning market economies had stalled since the 1990s. On the EBRD’s measure of transition indicators the transition economies had become “stuck in transition”. Price liberalization, small-scale privatization and the opening-up of trade and foreign exchange markets were mostly complete by the end of the 1990s. However economic reform had slowed in areas such governance, enterprise restructuring and competition policy, which remained substantially below the standard of other developed market economies.[30]
Inequality of opportunity was higher in the transition economies of Central and Eastern Europe and Central Asia than in some other developed economies in Western Europe (except France, where inequality of opportunity was relatively high). The highest inequality of opportunity was found in the Balkans and Central Asia. In terms of legal regulations and access to education and health services, inequality of opportunity related to gender was low in Europe and Central Asia but medium to high in respect of labour practices, employment and entrepreneurship and in access to finance. In Central Asia women also experienced significant lack of access to health services, as was the case in Arab countries.[31] While many transition economies performed well with respect to primary and secondary education, and matched that available in many other developed economies, they were weaker when it came to training and tertiary education.[32]
Over the decade 1994 to 2004, the transition economies had closed some of the gap in income per person with the average for the European Union in purchasing power parity terms. These gains had been driven by sustained growth in productivity as obsolete capital stock was scrapped and production shifted to take advantage of the opening-up of foreign trade, price liberalization and foreign direct investment. However the rapid growth rates of that period of catch-up had stalled since the late 2000s and the prospects for income convergence have receded according to the EBRD’s prognosis, unless there are additional productivity-enhancing structural reforms.[33]
The recent history of transition suggested that weak political institutions and entrenched interest groups had hindered economic reform. The EBRD’s Transition Report 2013 looked at the relationship between transition and democratization. The report acknowledged that the academic literature was divided on whether economic development fostered democracy but argued that there was nonetheless strong empirical support for the hypothesis. It suggested that countries with high inequality were less inclined to support a limited and accountable state. In general, the proportion of the population with an income of between US$10–50 a day (the so-called “middle class”) correlated with the level of democracy; however this correlation disappeared in transition countries with high income inequality. Those countries with large natural resource endowments, for example oil and gas producers like Russia and Kazakhstan, had less accountable governments and faced less electoral pressure to tackle powerful vested interests because the government could rely on resource rents and did not have to tax the population heavily. Countries with a strong institutional environment – that is, effective rule of law, secure property rights and uncorrupted public administration and corporate governance – were better placed to attract investment and undertake restructuring and regulatory change.[34]
To spur further economic reform and break out of a vicious circle, the EBRD Transition Report 2013 proposed that the transition economies should:
Open-up trade and finance, which made reform more resilient to popular pressure (“market aversion”) and meant that countries could access the EU single market either as member states or through association agreements (such as those being negotiated with Ukraine, Moldova and Georgia);
Encourage transparent and accountable government, with media and civil society scrutiny, and political competition at elections;
Invest in human capital, especially by improving the quality of tertiary education.[35]
Countries in transition[edit]
Although the term "transition economies" usually covers the countries of Central and Eastern Europe and the Former Soviet Union, this term may have a wider context. There are countries outside of Europe, emerging from a socialist-type command economy towards a market-based economy (e.g., China). Moreover, in a wider sense the definition of transition economy refers to all countries which attempt to change their basic constitutional elements towards market-style fundamentals. Their origin could be also in a post-colonial situation, in a heavily regulated Asian-style economy, in a Latin American post-dictatorship or even in a somehow economically underdeveloped country in Africa.[3]
In 2000, the IMF listed the following countries with transition economies:[5]
Albania
Armenia
Azerbaijan
Belarus
Botswana
Bulgaria
Cambodia
China
Croatia
Czech Republic
Estonia
Georgia
Hungary
Latvia
Lithuania
Kazakhstan
Kyrgyz Republic
Laos
Macedonia
Moldova
Poland
Romania
Russia
Slovak Republic
Slovenia
Tajikistan
Turkmenistan
Ukraine
Uzbekistan
Vietnam
In addition, in 2002 the World Bank defined Bosnia and Herzegovina, and the Federal Republic of Yugoslavia (later Serbia and Montenegro) as transition economies.[28] In 2009, World Bank included Kosovo in the list of transition economies.[36] Some World Bank studies also include Mongolia.[37] According to the IMF, Iran is in transition to a market economy, demonstrating early stages of a transition economy.[38]
The eight first-wave accession countries, which joined the European Union on 1 May 2004 (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia) and the two second-wave accession countries that joined on 1 January 2007 (Romania and Bulgaria) have completed the transition process.[39] According to the World Bank, "the transition is over" for the 10 countries that joined the EU in 2004 and 2007.[40] It can be also understood as all countries of the Eastern Bloc.[41]
Branch of economics[edit]
Transition economics is a special branch of economics dealing with the transformation of a planned economy to a market economy. It has become especially important after the collapse of Communism in Central and Eastern Europe. Transition economics investigates how an economy should reform itself to endorse capitalism and democracy. There are usually two sides: one which argues for a rapid transformation and one which argues for a gradual approach. Gérard Roland's book Transition and Economics. Politics, Markets and Firms (MIT Press 2000) gives a good overview of the field. A more recent overview is provided in Transition Economies: Political Economy in Russia, Eastern Europe, and Central Asia by Martin Myant and Jan Drahokoupil.[42]
See also[edit]
Soviet-type economy
Planned economy
Mixed economy
Marketization
Privatization
Corporatization
Real socialism
References[edit]
Jump up ^ Feige, Edgar L. (1994). "The Transition to a Market Economy in Russia: Property Rights, Mass Privatization and Stabilization" (PDF). In Alexander, Gregory S.; Skąpska, Grażyna. A Fourth way?: privatization, property, and the emergence of new market economics (PDF)|format= requires |url= (help). Routledge. pp. 57–78. ISBN 978-0-415-90697-5.
Jump up ^ Feige, Edgar L. (1991). "Perestroika and Ruble Convertibility" (PDF). Cato Journal. Cato Institute. 10 (3). Retrieved 2011-07-03.
^ Jump up to: a b Falke, Mike. Community Interests: An Insolvency Objective in Transition Economies? Archived 5 March 2009 at the Wayback Machine., No. 01/02, Frankfurter Institut für Transformationsstudien
Jump up ^ Aristovnik, Aleksander (19 July 2006). "The Determinants & Excessiveness of Current Account Deficits in Eastern Europe and the Former Soviet Union" (PDF). William Davidson Institute, University of Michigan. Archived from the original (PDF) on 20 July 2011. Retrieved 5 July 2010.
^ Jump up to: a b "Transition Economies: An IMF Perspective on Progress and Prospects". IMF. 2000-11-03. Retrieved 2009-03-09.
Jump up ^ Havrylyshyn, Oleh; Wolf, Thomas. Determinants of Growth in Transition Countries, Finance & Development Magazine, June 1999, Volume 36, Number 2 by the International Monetary Fund
Jump up ^ Feige, Edgar L. Perestroika and Socialist Privatization: What is to be Done? and How? Archived 7 August 2011 at the Wayback Machine., Comparative Economic Studies Vol. XXXII, No.3 Fall 1990]
Jump up ^ EBRD's 1994 Transition Report
Jump up ^ Padma Desai, The Soviet Economy: Problems and Prospects, 1990, Oxford: Basil Blackwell, pp. xiii-xxii and 164 ISBN 0-631-17183-5
Jump up ^ Michael Kaser on Privatization in the CIS in Alan Smith (editor), Challenges for Russian Economic Reform, 1995, London: Royal Institute for International Affairs and Washington DC: The Brookings Institution, p. 122.
Jump up ^ Alan Smith, Introduction in Alan Smith (editor), Challenges for Russian Economic Reform, 1995, London: Royal Institute for International Affairs and Washington DC: The Brookings Institution, p. 5.
Jump up ^ Marie Lavigne, The Economies of Transition: From socialist economy to market economy, 1995, London: Macmillan, pp. 117-119, 121 ISBN 0-333-52731-3
Jump up ^ Michael Kaser on Privatization in the CIS in Alan Smith (editor), Challenges for Russian Economic Reform, 1995, London: Royal Institute for International Affairs and Washington DC: The Brookings Institution, pp. 122-123.
Jump up ^ Marie Lavigne, The Economies of Transition: From socialist economy to market economy, 1995, London: Macmillan, pp. 116-117, 121 ISBN 0-333-52731-3
Jump up ^ Marie Lavigne, The Economies of Transition: From socialist economy to market economy, 1995, London: Macmillan, pp. 130-135, 121 ISBN 0-333-52731-3
Jump up ^ IMF staff estimates in Stanley Fischer, Ratna Sahay and Carlos Vegh, Stabilization and growth in transition economies: The early experience, April 1996, IMF Working Paper WP/96/31, Table 2, p. 8; downloaded from http://mpra.ub.uni-muenchen.de/20631/; retrieved on 1/11.2013; UNDP, Human Development Report for Central and Eastern Europe and the CIS, 1999, New York: United Nations Development Programme, Table 2.1, p. 14 ISBN 92-1-126109-0.
Jump up ^ Simon Clarke (editor), Structural Adjustment without Mass Unemployment? Lessons from Russia, 1998, Cheltenham: Edward Elgar, pp. 40-41, 49 and 53 ISBN 1-85898-713-X; J L Porket, Unemployment in Capitalist, Communist and Post-Communist Economies, 1995, London: Macmillan pp. 98-100 and 117 ISBN 0-312-12484-8.
Jump up ^ Marie Lavigne, The Economies of Transition: From socialist economy to market economy, 1995, London: Macmillan, pp. 130, 146, 150-154 ISBN 0-333-52731-3
Jump up ^ László Csaba, Transformation as a subject of economic theory in Zbyněk Balandrán and Vít Havránek, Atlas of Transformation, 2011 at [1][permanent dead link], retrieved 1/11/2013; Jeffrey Sachs, What I did in Russia, posted 14 March 2012, at http://jeffsachs.org/2012/03/what-i-did-in-russia/ retrieved 1/11/2013.
Jump up ^ EBRD, Transition Report 2000, London: European Bank for Reconstruction and Development, p. 13 ISBN 1-898802-17-3.
Jump up ^ EBRD, Transition Report 2010, London: European Bank for Reconstruction and Development, pp. 2-5. ISSN 1356-3424 The ISBN printed in the document (978-1-898802-33-1) is invalid.
Jump up ^ The UNDP used a poverty line of $4 per person per day in 1990 dollars at purchasing power parity; UNDP, Human Development Report for Central and Eastern Europe and the CIS, 1999, New York: United Nations Development Programme, Table 2.5, pp. 20-21 ISBN 92-1-126109-0.
Jump up ^ EBRD, Transition Report 2000, London: European Bank for Reconstruction and Development, Table 5.2, p. 103 ISBN 1-898802-17-3.
Jump up ^ EBRD, Transition Report 2008, London: European Bank for Reconstruction and Development, Table A.1.1.1, p. 13 ISBN 978-1-898802-31-0.
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, pp. 8 and 99-105.
Jump up ^ Vuong, Quan-Hoang. Financial Markets in Vietnam's Transition Economy: Facts, Insights, Implications. Saarbrücken, Germany: VDM Verlag, Feb. 2010. ISBN 978-3-639-23383-4.
Jump up ^ Napier, Nancy K.; Vuong, Quan Hoang. What we see, why we worry, why we hope: Vietnam going forward. Boise, ID: Boise State University CCI Press, October 2013. ISBN 978-0985530587.
^ Jump up to: a b The first ten years. Analysis and Lessons for Eastern Europe and the Former Soviet Union (PDF). The International Bank for Reconstruction and Development/The World Bank. 2002. pp. xix; xxxi. ISBN 0-8213-5038-2. Retrieved 2009-03-09.
Jump up ^ Tanzi, Vito. Transition and the Changing Role of Government, Finance & Development Magazine, June 1999, Volume 36, Number 2 by the International Monetary Fund
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, pp. 8 and 13.
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, pp. 6 and 78-96.
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, p. 6.
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, pp. 4, 8 and 10-17.
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, pp. 5, 8-9, 34-35, 38-39 and 106. The Transition Report 2013 assessed the level of democracy in terms of the Polity IV Index on the type of governance regime, published by the Center for Systemic Peace, which rates governance on the basis of whether states have institutionalized processes for open, competitive and deliberative political participation; chooses and replaces chief executives in open, competitive elections; and imposes checks and balances on the discretionary power of the executive; see Polity data series.
Jump up ^ EBRD, Transition Report 2013, 2013, London: European Bank for Reconstruction and Development, pp. 5, 34, 38 and 52-53.
Jump up ^ "Kosovo – Country Brief 2010". The International Bank for Reconstruction and Development/The World Bank. October 2010. Retrieved 2011-02-03.
Jump up ^ Ianchovichina, Elena; Gooptu, Sudarshan (2007-11-01). "Growth diagnostics for a resource-rich transition economy : the case of Mongolia" (PDF). The International Bank for Reconstruction and Development/The World Bank. Retrieved 2009-03-09.
Jump up ^ Jbili, A.; Kramarenko, V.; Bailén, J. M. (2007-03-01). Islamic Republic of Iran: Managing the Transition to a Market Economy (PDF). The International Monetary Fund. p. xii. ISBN 978-1-58906-441-6. Retrieved 2011-02-03.
Jump up ^ EBRD. Law in transition online 2006 – Focus on central Europe Archived 7 July 2007 at the Wayback Machine.
Jump up ^ Unleashing Prosperity: Productivity Growth in Eastern Europe and the Former Soviet Union, World Bank, Washington (2008), p. 42
Jump up ^ http://www.oecd.org/globalrelations/regionalapproaches/centralandeasterneuropethecaucasusandcentralasia.htm
Jump up ^ Myant, Martin; Jan Drahokoupil (2010). Transition Economies: Political Economy in Russia, Eastern Europe, and Central Asia. Hoboken, New Jersey: Wiley-Blackwell. ISBN 978-0-470-59619-7.
External links[edit]
Åslund, Anders (2008). "Transition Economies". In David R. Henderson (ed.). Concise Encyclopedia of Economics (2nd ed.). Indianapolis: Library of Economics and Liberty. ISBN 978-0865976658. OCLC 237794267. CS1 maint: Extra text: editors list (link)
Policy Research Working Papers from the World Bank
Health in transition economies – a dossier
Quarterly Newsletter issued by UNDP and LSE on Development and Transition issues in Europe and CIS
IMF: Nsouli, S. M. "A Decade of Transition – An Overview of the Achievements and Challenges"
GDP and Industrial Output during transition 1990–present – statistics
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One More Light
From Wikipedia, the free encyclopedia
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For the album's title track, see One More Light (song).
One More Light
Studio album by Linkin Park
Released
May 19, 2017 (2017-05-19)
Recorded
September 2015 – February 2017
Studio
Various[show]
Larrabee Studios, Van Nuys, California
Sphere Studios, Los Angeles, California
The Pool Recording Studio, London, UK
The Warehouse Studio, Vancouver, British Columbia, Canada
Genre
Pop
pop rock
electropop
Length
35:19
Label
Warner Bros.
Machine Shop
Producer
Brad Delson
Mike Shinoda
Linkin Park studio album chronology
The Hunting Party
(2014)The Hunting Party2014 One More Light
(2017)
Singles from One More Light
"Heavy"
Released: February 16, 2017
"Talking to Myself"
Released: July 25, 2017
"One More Light"
Released: October 3, 2017
One More Light is the seventh studio album by American rock band Linkin Park. It was released on May 19, 2017 through Warner Bros. and Machine Shop. It is the last Linkin Park record produced before lead vocalist Chester Bennington's death on July 20, 2017.
The band recorded the album between September 2015 and February 2017 in multiple studios. Band members Brad Delson and Mike Shinoda served as the album's primary producers. The sound of One More Light has been described as being more pop-focused, departing from the alternative metal sound of their previous album, The Hunting Party (2014). The album features guest vocal appearances from Pusha T, Stormzy, and Kiiara, and production and songwriting collaborations with Julia Michaels, Justin Tranter, Ross Golan, Andrew Goldstein, blackbear, and Eg White.[1] The album is also the band's first to feature a title track, as they felt that the song "One More Light" was the heart of the album.
The album's lead single, "Heavy", featuring Kiiara, was released on February 16, 2017. "Battle Symphony", "Good Goodbye", and "Invisible" were released as promotional singles prior to the album's release. "Talking to Myself" and "One More Light" were released as radio singles later on. The album performed well commercially, debuting at number one in several countries; it became the band's fifth number-one album on the Billboard 200, as well.[2] It was certified gold in three countries and silver by the BPI in the UK. Despite a positive commercial performance, it received mixed reviews from music critics. This, along with accusations of selling out, prompted an angry response from Bennington.
Contents
[hide]
1 Background
2 Composition
3 Recording
4 Artwork and packaging
5 Promotion
6 Reception
6.1 Critical reception
6.2 Band response
7 Track listing
8 Personnel
9 Charts
9.1 Weekly charts
9.2 Year-end charts
10 Certifications
11 References
Background[edit]
In 2014, Linkin Park released their sixth studio album The Hunting Party. The album, produced by Mike Shinoda and Brad Delson, marked a shift from the overall rock sound in their previous albums produced with help of Rick Rubin. The pre-production of One More Light began in mid-2015 during The Hunting Party Tour by Shinoda on his phone.[3] The main production began as soon as the tour ended. In the process, the band decided to write songs with some external help. They worked with Zayed Hassan, which resulted in his song "Sailing Through the Clouds",[4] Martin Garrix,[5] Hot Karl,[6] Mike Baczor of the band Her0,[7] The Lonely Island, which resulted in "Things in My Jeep",[8] and One Ok Rock.[9] None of these collaborations, however, made the final version of the album. The album marks the second to be self-produced following The Hunting Party.
Composition[edit]
As a new concept to the band, all the songs featured on the album began with vocals being recorded first.[10] They worked on the story first, then the hook, and finally the music. In an interview with Zane Lowe, Shinoda explained the composition as, "In terms of the style of the record, it's one of the most diverse stylistically, there's more genres mashed into this album than anything we've ever put out. You don't hear a lot of super heavy guitars. There isn't any screaming on the record." He adds, "To some extent it is a very polished record. Stylistically we wanted to blend all of the sound and genres together in a way you can’t tell them apart".[11] As to why they chose "Heavy" to present the album to the world, he told Billboard, "One of the reasons why we chose 'Heavy' as the first single is because it is really the core sound of the album. This wasn't a scenario where the whole album sounds one way and the single sounds different. This is how the album sounds. So we wanted to go out with a song like that, where everybody can get a sense of the direction of this body of work." According to him, a lot of songs on the album can make the listener think of old songs by The Cure or Tears For Fears.[12]
In an interview with MusicRadar Brad Delson explained,
“ I wound up putting a lot of guitar on this album. There’s a lot of layers and a lot of different guitars. The guitar work is nuanced and complementary to all of the other elements that we have put in there. I find guitar to be a dominant ingredient in any soup. The minute I put loud heavy guitars into an arrangement, I feel like it is a heavy colour. One of the goals of the production of this album was to do away with any notion of genre. We were looking at ways to juxtapose influences that we have in ways that you haven’t heard before. Building the guitar work into that was a fun challenge. I love the guitar work and tones that our engineer Ethan helped create with me and Mike [Shinoda] throughout this album. Even though you don’t hear guitar in the foreground in a heavy-handed way, there really is a ton of guitar on this album, and I’m really proud of it. ”
— Brad Delson[13]
Further elaborating on his guitar work, Delson said, "I love the acoustic work on 'Sharp Edges'. I really like all of the layering of guitars on 'Invisible' as well. There's also a really unique presentation of the guitar in a way that I don’t think we’ve ever done on a song called 'Sorry For Now'. That was one of the things that we were really excited about - it is wildly different to anything else that we have been doing."[13]
The albums features collaborations with songwriters and other artists. "Heavy" features vocals by pop singer Kiiara, and "Good Goodbye" features verses by rappers Pusha T and Stormzy.[14] Genre-wise, the album has been described as pop,[15][16] pop rock[17][18] and electropop.[19]
Recording[edit]
One of Bennington's final performances with Linkin Park on July 4, 2017 at the O2 Brixton Academy in London.
The band had been writing and recording mostly in Los Angeles but also had a few sessions in London and Canada where they worked with a few songwriters.[20] In Los Angeles, the band started working at the Larrabee Studios where they had worked for their previous album. After noticing the band needed a bit more space they shifted to Sphere Studios.[21] Starting in the early 2016 the band decided, for the first time, to open up their process to fans through social media by doing live streams, posting pictures and videos of their day by day in the studio, and sending studio updates to their mailing list.
In an interview with Billboard, Shinoda said "We've focused almost exclusively on songwriting, not on sound, not on genre, not on arrangement, on words and melodies. And that is something Rick [Rubin] has always told us to do years past and we never listened because we started always track first. Now we're writing songs and now we're just starting to get into the style of that."[22] While working with Justin Parker in London, Mike also learned a different approach to songwriting: to write without any sound in mind and, instead, write with meaning in mind. Instead of writing tracks piece by piece, the band wouldn't leave a session without having a song. It would all start as a conversation, and out of those the songs would build progressively from a chord progression to lyrics.
In a promotional teaser, Shinoda said:
“ The one thing that I am super excited about, I really wanna like make the riskiest songs now, because I feel like we're at the point where it's like, "okay, we've handled so many things" and risky could be a lot of different kinds of risky. Risky could mean the most weirdest, the weirdest thing, weirdest chord progressions or whatever, or could be the poppiest thing that comes to mind. That we just got like we made that work like it sounds like us, it doesn't sound weird, it sounds like very cool, and I wanna make some songs where you go like "holy shit" That's where we gotta find that. ”
— Mike Shinoda[23]
While most of the collaborators on the album were just songwriters, the band also brought in vocal producers because they wanted a different perspective on how to approach the vocals.[24] Among the collaborators are Justin Parker,[25] Conner Youngblood, Jon Green,[26] blackbear,[27] Andrew Goldstein,[28] Eg White,[25] Emily Wright,[29] Andrew Bolooki, Andrew Dawson, RAC, Corrin Roddick,[20] and Ross Golan.[30] American singer Kiiara also had a seven-hour session with Linkin Park to record her vocals for "Heavy", and rappers Stormzy and Pusha T contributed to the album with original verses. In the past the band had a different approach to collaborations, as explained by Mike: "Usually it means we’ve finished the song but we'll ask somebody to add something to the top of it." He added: "Generally, here's how it would work: we'd get in the room with someone, and start on something from scratch with them. We worked mostly in the same way we always write songs, but with extra firepower in the room."[31]
Artwork and packaging[edit]
In an interview with Kerrang! magazine, Shinoda explained that the children seen on the album cover are those of a friend of the band and represent what the band members feel when their respective families get together. The photo was shot at Venice Beach by Frank Maddocks, who has previously contributed to artworks for Deftones and Green Day's Revolution Radio.[32]
The album was made available on Linkin Park's official website in five different packages: CD + LPU membership, vinyl + LPU Membership, CD bundle, vinyl bundle, and the "Just Give Me Everything" box set. All offers were accompanied by an LPU digital membership. Both the CD bundle and vinyl bundle include a One More Light T-shirt and a silver Linkin Park logo enamel pin. The box set was bound inside a special One More Light super deluxe box with a 48-page hardcover book featuring all the best photos from the album package and all the lyrics, a unique 2.4" × 1.8" instant photo of the band, and an gold enamel pin set featuring a Linkin Park pin, a LP Hex logo pin, and a "OML" logo pin. It also included both the CD and vinyl versions of the album as well as the One More Light T-shirt.[33][34]
Promotion[edit]
Main article: One More Light Tour
Chester Bennington (left) and Mike Shinoda (right) performed fourteen press promo shows for the promotion of the album
The first single, "Heavy", was released via Los Angeles radio station KROQ on February 16, 2017. The track is a duet[35] with American singer and songwriter Kiiara, marking the first time a Linkin Park song from a studio album has featured a female vocalist. The song was written by Linkin Park with Julia Michaels and Justin Tranter, while Emily Wright and Andrew Bolooki handled vocal production. The band released a second track from the album, "Battle Symphony", on March 16, 2017, with an accompanying lyric video.[36] A third track from the album, "Good Goodbye", was released for download on April 13, 2017, along with an accompanying lyric video followed by a music video. The song features American rapper Pusha T and English hip hop artist Stormzy. On May 10, 2017, the band put out one final pre-release track, "Invisible", with an accompanying lyric video. "Talking to Myself" was sent to alternative radio July 25, 2017, as the album's second official single.[37] The music video for "Talking to Myself" was released on July 20, 2017, the same day that band member Chester Bennington died.[38]
In early 2017, the band introduced Linkin Park Global Ambassadors, which were selected each for a country.[39] The ambassadors would promote the Linkin Park updates in their respective countries. The Ambassadors were also given various tasks respective to the updates. For promotional purposes, a picture of TV color bars was uploaded to the Instagram by the Linkin Park Global Ambassadors and many other people related to the band such as Joe Hahn, Mike Shinoda, Chester Bennington, Phoenix, Lorenzo Errico, Adam Ruehmer, Jim Digby, Christian Tachiera, Tobias Fance, Frank Maddocks, Tal Cooperman, and Warner Bros. Records' official account. The band also released a series of 8 videos on their official website showing fans their process of creating songs for the album. On February 13, Linkin Park tweeted a blank grid, and each of the Linkin Park Global Ambassadors tweeted a numbered image. When put together, the images formed the album cover. The lyrics of "Heavy" were unveiled on Genius on the same day.[40]
Linkin Park did a stripped-down performance with Kiiara at NRG Studios, which was broadcast live on Facebook the same day "Heavy" was released along with its lyric video and the album pre-order. The stripped-down version of the song was performed on various occasions. Shinoda and Bennington played the song fourteen times at different venues for the promotion. The band played the song on The Late Late Show with James Corden and at the ECHO Awards 2017 with Kiiara.[41]
Acoustic performances of the lead single by Chester Bennington and Mike Shinoda helped promote One More Light. A few of them included performances with Kiiara, Waxx,[42] and Sofia Karlberg.[43]
The band were set to embark on a world tour in the promotion of the album, which began in South America in May 2017. The tour included stops at various festivals, including the Download Festival Paris, Aerodrome Festival, NovaRock, Impact Festival, I-Days Milano, Hellfest, Download Festival Madrid, Hurricane Festival, Southside Festival, Telekom VOLT Fesztivál, Bråvalla Festival, Rock Werchter, and many others.[44][45] The tour visited 20 cities in the South America and Europe. The North American part of the tour was cancelled following Chester Bennington's death on July 20, 2017.
Reception[edit]
Critical reception[edit]
Professional ratings
Aggregate scores
Source
Rating
AnyDecentMusic? 4.0/10[46]
Metacritic 46/100[47]
Review scores
Source
Rating
AllMusic [48]
Classic Rock Magazine [49]
Consequence of Sound D+[50]
London Evening Standard [51]
Newsday B+[52]
NME [53]
Rock Sound 6/10[54]
At Metacritic, which assigns a normalized rating out of 100 to reviews from mainstream critics, the album has an average score of 46 out of 100 based on 7 reviews, which indicates "mixed or average" reviews.[47] NME criticized the album's quality, giving it a 2/10 score and concluding that "It’s harsh to criticise a great band for trying something different, and it’s not an issue that this is a pop album. The issue is that it’s weak and contrived commercial move (perhaps to compete with the likes of Twenty One Pilots)."[53] Neil Z. Yeung of AllMusic agreed, stating that "The issue isn't that it's a pop effort; indeed, they get points for a brave attempt so outside of their wheelhouse. The problem is that much of One More Light is devoid of that visceral charge that previously defined much of their catalog... there's no feral screaming from Chester Bennington, there are barely any riffs, and DJ Hahn has disappeared beneath the textured studio sheen."[48] Team Rock criticized the move away from rock music, stating that the album "makes Ed Sheeran sound like Extreme Noise Terror...With One More Light, Linkin Park have waved goodbye to rock."[49] Troy L. Smith at The Plain Dealer described "Invisible" and "Nobody Can Save Me" as "well-rounded pop songs," but also noting "That won't stop Linkin Park diehards from getting a sweet tooth from the whiny "Halfway Right" or the boring title track. Heck, even Skrillex-like EDM can't save "Sorry for Now" from corny territory."[55] Consequence of Sound criticized the album for sounding like it was trying to "chase the trend of pop-EDM in an attempt to capitalize on its ubiquity" and sound "as if they were selected by committee", leading the album to sound like "a muddled mess of a record from a band that completely abandoned any sense of identity".[50]
Newsday gave the album a B+ and praised the band's new direction, comparing it to the works of Coldplay and Owl City and concluding "One More Light shows how well Linkin Park has absorbed the current pop scene and applied it to their own music to genuinely reflect who they are today, not who some fans want them to be."[56]
Band response[edit]
The band, specifically frontman Chester Bennington, lashed out in response to the negative reception of One More Light's material. As documented through Spin magazine, in an interview with Music Week, Bennington, at the accusations that the band had "sold out", suggested that those people should "stab [themselves] in the face" and "move the fuck on" from the band's past sound.[57][50][58] Similarly, in a separate interview with Kerrang, Bennington, in response to claims of selling out with the album, said "If you’re gonna be the person who says like 'they made a marketing decision to make this kind of record to make money' you can fucking meet me outside and I will punch you in your fucking mouth."[59][58] In the same interview, Mike Shinoda also rejected the claims that they had made the album "for monetary reasons", responding; "that's not how I operate."[60] Bennington explained that the accusation of "selling out" angered him because he saw it as a personal attack, concluding that "when you make it personal, like a personal attack against who we are as people, like, dude, shut up. That means that I can actually have feelings about it and most of the time my feelings are 'I want to kill you.'"[60][61]
In response to the comments, Slipknot and Stone Sour frontman Corey Taylor stated that he understood Bennington's frustrations, but advised him to "be fortunate for what you have, be fortunate for that fact that people are still coming to see you to hear the music. Give it a little time, you have to give it a little time."[62] Bennington later responded that he agreed with Taylor's statements, saying:
"...I agree with him. I do appreciate our fans... I'm human and sometimes take things too personally. Most of our fans have been very positive lately. Some... not so much. Either way... there is a lot of passion on both sides and I am grateful to all of our fans. Corey is a good dude and I appreciate him too... Time to recalibrate my perspective. So I say to all of our fans... Thank you and I love you all. Peace, love and happiness."[63]
Track listing[edit]
One More Light
No.
Title
Writer(s)
Producer(s)
Length
1. "Nobody Can Save Me"
Bradford Delson
Jonathan Green
Mike Shinoda[64]
Mike Shinoda
Brad Delson
Jon Green[b]
Andrew Bolooki[c][65]
3:45
2. "Good Goodbye" (featuring Pusha T and Stormzy)
Delson
Shinoda
Jesse Shatkin
Terrence Thornton
Michael Omari
Shinoda
Delson
Jesse Shatkin[b]
Bolooki[c]
3:31
3. "Talking to Myself"
Ilsey Juber
Delson
Shinoda
JR Rotem
Shinoda
Delson
JR Rotem[a]
Bolooki[c]
Andrew Jackson[b]
3:51
4. "Battle Symphony"
Delson
Green
Shinoda[66]
Shinoda
Delson
Bolooki[c]
3:36
5. "Invisible"
Shinoda
Justin Parker
Shinoda
Delson
Shatkin[a]
Andrew Dawson[b]
RAC[b]
Emily Wright[c]
3:34
6. "Heavy" (featuring Kiiara)
Chester Bennington
Shinoda
Delson
Julia Michaels
Justin Tranter
Shinoda
Delson
Bolooki[c]
Wright[c]
2:49
7. "Sorry for Now"
Shinoda
Shinoda
Delson
Matthew Tyler Musto[a]
Andrew Goldstein[a]
Michael Keenan[b]
Bolooki[c]
3:23
8. "Halfway Right"
Bennington
Shinoda
Delson
Ross Golan[67]
Shinoda
Delson
Keenan[b]
Alexander Spit[b]
Bolooki[c]
3:37
9. "One More Light"
Shinoda
Francis White
Shinoda
Delson
Wright[c]
4:15
10. "Sharp Edges"
Shinoda
Delson
Juber
Shinoda
Delson
RAC[b]
Wright[c]
2:58
Total length: 35:19
Notes
Track listing and credits from streaming website Qobuz.[68]
^a signifies a co-producer
^b signifies an additional producer
^c signifies a vocal producer
Personnel[edit]
Credits adapted from the album's liner notes.[69]
Linkin Park
Chester Bennington – lead vocals, backing vocals on "Invisible" and "Sorry for Now"
Rob Bourdon – drums, backing vocals
Brad Delson – guitar, backing vocals, production
Phoenix – bass, backing vocals
Joe Hahn – programming, backing vocals, creative direction
Mike Shinoda – keyboard, backing vocals, programming; rap vocals on "Good Goodbye", lead vocals on "Invisible" and "Sorry for Now", creative direction, engineering, photography, production
Additional musicians
Kiiara – vocals on "Heavy"
Pusha T – rap vocals on "Good Goodbye"
Stormzy – rap vocals on "Good Goodbye"
Ilsey Juber – backing vocals on "Talking to Myself" and "Sharp Edges"
Ross Golan – backing vocals on "Halfway Right"
Eg White – guitar and piano on "One More Light"
Jon Green – additional guitar, backing vocals and bass on "Nobody Can Save Me"
Jesse Shatkin – additional keyboard and programming on "Invisible"
Andrew Jackson – additional guitar on "Talking to Myself", additional production
Technical
Alejandro Baima – engineering assistance
Andrew Bolooki – vocal production
Andrew Dawson – additional production
Ryan DeMarti – A&R coordination
Lorenzo Errico – photography
Fraser T Smith – vocal engineering
Serban Ghenea – mixing
John Hanes – mixing engineering
Jerry Johnson – drum technician
Tom Kahre – vocal engineering
Michael Keenan – additional production
Peter J. Lee – art direction, creative direction, design, photography
Frank Maddocks – art direction, creative direction, design, photography
Manny Marroquin – mixing
Ethan Mates – engineering
Dan McCarroll – A&R
Josh Newell – engineering
Alexander Spit – additional production
Peter Standish – marketing
Christian Tachiera – photography
Jonna Terrasi – A&R
Warren Willis – studio assistance
Emily Wright – vocal production
Charts[edit]
Weekly charts[edit]
Chart (2017)
Peak
position
Australian Albums (ARIA)[70]
3
Austrian Albums (Ö3 Austria)[71]
1
Belgian Albums (Ultratop Flanders)[72]
1
Belgian Albums (Ultratop Wallonia)[73]
3
Canadian Albums (Billboard)[74]
1
Croatian Albums (HDU)[75]
4
Czech Albums (ČNS IFPI)[76]
1
Danish Albums (Hitlisten)[77]
6
Dutch Albums (MegaCharts)[78]
5
Finnish Albums (Suomen virallinen lista)[79]
2
French Albums (SNEP)[80]
6
German Albums (Offizielle Top 100)[81]
2
Greek Albums (IFPI Greece)[82]
43
Hungarian Albums (MAHASZ)[83]
1
Irish Albums (IRMA)[84]
6
Italian Albums (FIMI)[85]
4
Japanese Albums (Oricon)[86]
6
Mexican Albums (AMPROFON)[87]
18
New Zealand Albums (RMNZ)[88]
4
Norwegian Albums (VG-lista)[89]
8
Polish Albums (ZPAV)[90]
7
Portuguese Albums (AFP)[91]
2
Scottish Albums (OCC)[92]
5
Spanish Albums (PROMUSICAE)[93]
6
Swedish Albums (Sverigetopplistan)[94]
8
Swiss Albums (Schweizer Hitparade)[95]
1
UK Albums (OCC)[96]
4
US Billboard 200[2]
1
US Top Rock Albums (Billboard)[97]
1
Year-end charts[edit]
Chart (2017)
Position
Australian Albums (ARIA)[98]
59
Austrian Albums (Ö3 Austria)[99]
27
Belgian Albums (Ultratop Flanders)[100]
52
Belgian Albums (Ultratop Wallonia)[101]
76
Dutch Albums (MegaCharts)[102]
63
German Albums (Offizielle Top 100)[103]
23
Italian Albums (FIMI)[104]
40
New Zealand Albums (RMNZ)[105]
49
Swiss Albums (Schweizer Hitparade)[106]
22
UK Albums (OCC)[107]
95
US Billboard 200[108]
90
Certifications[edit]
Region
Certification
Certified units/Sales
Germany (BVMI)[109]
Gold 100,000^
Hungary (MAHASZ)[110]
Gold 3,000^
Italy (FIMI)[111]
Gold 25,000*
United Kingdom (BPI)[112]
Silver 60,000^
*sales figures based on certification alone
^shipments figures based on certification alone
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[hide]
v
t
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Linkin Park
Rob Bourdon
Brad Delson
Dave Farrell
Joe Hahn
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Chester Bennington
Mark Wakefield
Kyle Christner
Discography
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Studio albums
Hybrid Theory
Meteora
Minutes to Midnight
A Thousand Suns
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Reanimation
Recharged
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Mall
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One More Light World Tour
Related articles
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Fuse Present: Linkin Park Live at MSG
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values: Discussion about edits from this IP address [ctrl-alt-n]

values: A list of edits made from this IP address [ctrl-alt-y]

values: You are encouraged to create an account and log in; however, it is not mandatory

values: You're encouraged to log in; however, it's not mandatory. [ctrl-alt-o]

values:
/wiki/One_More_Light
View the content page [ctrl-alt-c]
c

values: Discussion about the content page [ctrl-alt-t]

values: p-namespaces navigation vectorTabs p-namespaces-label

values:
p-variants
navigation
vectorMenu emptyPortlet
p-variants-label

values: Past revisions of this page [ctrl-alt-h]

values: p-views navigation vectorTabs p-views-label

values:
p-cactions
navigation
vectorMenu emptyPortlet
p-cactions-label

values:
mw-wiki-logo
/wiki/Main_Page
Visit the main page

values:
/wiki/Main_Page
Visit the main page [ctrl-alt-z]
z

values: Featured content – the best of Wikipedia

values: Find background information on current events

values:
/wiki/Special:Random
Load a random article [ctrl-alt-x]
x

values: portal navigation p-navigation p-navigation-label

values: Guidance on how to use and edit Wikipedia

values: About the project, what you can do, where to find things

values: A list of recent changes in the wiki [ctrl-alt-r]

values: portal navigation p-interaction p-interaction-label

values: List of all English Wikipedia pages containing links to this page [ctrl-alt-j]

values: Recent changes in pages linked from this page [ctrl-alt-k]

values:
/wiki/Wikipedia:File_Upload_Wizard
Upload files [ctrl-alt-u]
u

values: A list of all special pages [ctrl-alt-q]

values: Permanent link to this revision of the page

values:
uls-settings-trigger
Language settings
0
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true

values: یک نور دیگر – Persian

values: วันมอร์ไลต์ – Thai

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