["The American Journal of Economics and Sociology, Volume 80, Issue 4, Page 1233-1258, September 2021. ", "\nAbstract\nThis article chronicles the evolution of poverty in the formerly socialist economies of Central and Eastern Europe and the former Soviet Union. The article is an analytical review covering the 30 years since the launch of market reforms with a reflection on the impacts of the COVID‐19 pandemic. The theoretical assumption in the 1990s of a seamless transition from a socialist, state‐led economy to a capitalist, market‐driven economy remained just that—an assumption. Many of the tangible improvements in living standards for the bulk of the population of the post‐socialist era have yet to materialize. Focusing on the smallest post‐socialist economies, with a bigger picture in mind, this study argues that a crisis of human well‐being has been lurking in the background—behind macroeconomic stabilization and growth since the early 2000s. This article contributes to the literature on socioeconomic resilience, restructuring, critical perspectives on poverty, and efforts to define and measure poverty holistically.\n"]