Privatization in the Czech Republic during the transition years : success or failure?
Looney, Robert E.
Frederiksen, Peter C.
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This thesis tests an important question: was privatization in the Czech Republic in the transformation period from a command economy to a market economy a success or failure. The importance of answering this question arises because privatization was the keystone for the stabilization and transformation of Central European countries. Privatization played a significant role as the private sector was missing or played an insignificant role in the command economy. Privatization was not only the most observed part of the stabilization and transformation process but also the most complicated part of this process. The Czech government's top priority was to quickly denationalize a large number of state enterprises. A unique method of privatization was implemented to speed up privatization and distribute for free a significant part of state assets. The pace was more important than moral arguments. In contrast, Poland and Hungary used more moderate methods of privatization. This thesis discusses the basic facts about the privatization process in the Czech Republic, introduces the privatization methods used in the Visegrad countries, compares the pace of privatization, reveals what remains for further privatization and provides a macroeconomic comparative analysis. In addition, it discusses the success and failure of the voucher privatization method.
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