Since communism’s collapse, Central and Eastern Europe adopted neoliberal reforms for democratization and market integration. However, democratic institutions in many countries have backslid. Scholars debate neoliberalism’s impacts and the rise of oligarchs concentrating wealth and distorting democracy. This review analyzes 50 sources from 1990-2020 through meta-analysis. Literature is assessed regarding neoliberalization’s mechanisms and effects. Privatization concentrated assets in politically-connected oligarchs, enabling state capture constraining competition. Deregulation empowered economic elites with disproportionate political influence, distorting representation toward oligarchic over public interests. Evidence partially supports the hypothesis that neoliberalism benefiting oligarchs distorted democracy, contributing to backsliding. However, grassroots resistance offers alternatives. Further research could integrate local case studies and frameworks focused on equitable distribution rather than growth alone.
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