As the title of this paper implies, we will analyze transformation and evolution of Ivan Stojanović’s thought. The goal will be to juxstapose his ideas and approaches before and after transition in Yugoslavia and Serbia. By (re)reading his books and papers, we came to conclusion that he underwent transformation in attitude towards market, state, socialism, capitalism, privatization, transition, financial markets, etc., along the lines of prevailing intelectual current of that times, but, due to his theoretical sophistication, he never became market fundamentalist.