Abstract: There is lack of shared understanding among Bulgarians about the essence of the Transition from a totalitarian state to liberal democracy. What is it? Has it been completed? What does it require to be completed?

The article analyzes the Transition characteristics and inhibiting factors for Bulgaria to become a full-fledged democracy through the historic prism and global trends of social and political development.

Keywords: liberal democracy, capitalism, market economy, economic development, rule of law, political system, oligarchy, social reforms, global trends, EU

Holding a Ph.D. in Economics from UNWE (Bulgaria) and MBA from Illinois State University (USA), Evgeni Kanev is a seasoned M&A consultant with academic interests in corporate finance, macroeconomics, political science, etc. He was a guest lecturer at the American University in Blagoevgrad (Bulgaria) and associate professor at International University (franchisee of Portsmouth University, UK). He has 500 publications in journals and periodicals.