This article analyses the key features and origins of three variants of transnational capitalism emerging in Central-Eastern Europe: a neoliberal type in the Baltic states, an embedded neoliberal type in the Visegrád states, and a neocorporatist type in Slovenia. These regimes are characterized by their institutions and performances in marketization, industrial transformation, social inclusion, and macroeconomic stability. Explanations for regime diversity are developed at two levels. First, it is argued that the legacies of the past and their perceptions as either threats or assets to these countries’ future have had deep impact on regime types, and specifically on how vigorously state power has been used to pursue the conflicting agendas of marketization and social inclusion. Legacies and initial choices were no less crucial for the degree of democratic inclusion, and the different patterns of protest and patience on the paths towards the new regimes. Second, the article demonstrates the importance of transnational influences. It shows how the European Union and transnational corporations have impacted on industrial transformation and social inclusion.