What happens when command economies transform into market economies?

When a command economy transitions to a free market economy, its success depends on many factors. The political system must be changed to allow more freedom. Property ownership is essential, and the government must remove wage and price controls and reduce or eliminate tariffs. If these systems are only partially made free, then the transition will be slow and stagnation is a problem,

The transition is difficult as the people are not skilled at entrepreneurship and the once in-control government may have a hard time letting go. Many of the companies might be in such poor shape no one wants to buy them. GDP will undoubtedly fall at first, and wages might tank or become too high if there are not enough workers. Prices might fluctuate too wildly and inflation could become a problem. However, f the country stays on course and truly turns the economy over to the free market, then these will eventually stabilize as people learn how to make money in a free market economy.