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The paper starts from the thesis that the institutional and economic efficiency of a state i.e. society depend on its historical heritage (path dependence), strategic interactions and the international surrounding. Estonia and Slovenia are considered to be not only economically, but also institutionally assertive and relatively successful post-communist states i.e. new member states of the European Union. However, they have developed two completely different — in some important aspects even diametrically opposite — regulatory rules and different political and social arrangements. The paper particularly emphasises the ideological and strategic significance of the élites and their infl uence on the course of reforms and transitions, and on the form of capitalism at the end of the transition. It can be claimed that the political élite in Estonia encouraged the formation of the state that is close to the liberal-minimalist model, while Slovenia is close to the corporatist model of welfare. With regard to including the former into the liberal-market economies (LME) and the latter into the coordinated market economies (CME), certain specific features and local modifi cations should be pointed out. In both cases, some dysfunctional consequences ensued, and they represent a new challenge to the élites, at the same time serving as the test of their credibility and competence. [ABSTRACT FROM AUTHOR]