The post-1989 change in former Communist societies in East and Central
Europe is generally viewed as a double transition involving both mark
etization (removal of state hegemony over the economy) and democratiza
tion (move to a Western-style liberal democracy). Data front a nationw
ide survey of Romania in 1993 demonstrates that Romanians in fact dist
inguish two reform dimensions-marketization and democratization-as opp
osed to a single ''pro-Westernization'' dimension. Though Romanians di
stinguish marketization and democratization conceptually support for r
eform in both instances is strongest among the same segments of the po
pulation: the young, the better educated, men and those living in citi
es. Further analysis reveals that the effects of age, gender and urban
residence (but not education) largely wash out once the effects of ri
sk aversion, individualistic ideology and personal economic expectatio
ns are controlled for Risk aversion is an especially important mediati
ng variable. Men, the young, and those in cities are more likely to su
pport marketization and democratization in large part because they ten
d to be less averse to risk.