Dramatic changes in global politics and economics have led a large number of economies to undergo transition from socialism to some form of market system. Sociologists have taken advantage of economic transition to develop and test ideas about basic social processes; this article assesses the state of the rich but contentious new literature that has resulted. The article provides a review and evaluation of sociological research that explores the two aspects of transition that have attracted the greatest attention: the nature of the transition process and the consequences of transition for stratification and mobility. The authors address the two theoretical approaches-institutional and corporatist-that have been the center of intense debate regarding transition and evaluate the empirical evidence for each. The authors argue that empirical evidence provides support for elements of each but that detailed scope conditions and more nuanced arguments are critical. © 2012 by Pacific Sociological Association. All rights reserved.