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This open access book provides an interdisciplinary analysis of the political economy of legal and governance reform in Central Asia, with a focus on the interaction between formal institutions and informal practices. It addresses a central question: why decades of market-oriented reforms have not produced fully credible, rule-based economic systems. Drawing on original empirical research, the volume shows that reform outcomes are constrained by two interrelated forces. First, incumbent elites often lack incentives to enforce formal rules impartially when such reforms threaten entrenched rent-seeking arrangements. Second, deeply embedded informal norms, networks, and social conventions frequently compete with or undermine formal legal frameworks, weakening market signals and eroding institutional trust. Situated within changing political leadership and shifting geopolitical conditions, the volume also explores emerging opportunities for reform and regional integration. It reflects on policy sequencing, state capacity, and the limits of externally driven reform models, arguing that sustainable change depends on aligning incentives with local practices rather than transplanting formal rules. The analysis underscores the importance of gradual institutional adaptation, credible enforcement, and context-sensitive strategies for improving accountability and economic performance. The book offers a coherent framework for understanding institutional development in Central Asia and serves as a resource for scholars, policymakers, and practitioners working on governance, legal reform, and economic development in post-Soviet contexts. It also provides comparative insights relevant beyond the region.