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Author: Michal Mejstrík Publisher: Springer Science & Business Media ISBN: 1461563518 Category : Business & Economics Languages : en Pages : 346
Book Description
It is beyond any doubt that East-Central European countries such as Czech Republic, Hungary, Poland and Slovakia has dramatically changed its shape through its radical transition from centrally planned to the market economies in last 7 years. Many economists divide the process of economic transformation into areas of Stabilization, Liberalization, and Privatization/Restructuring. The traditional view is that stabilization and liberalization can be achieved rather quickly-by balancing budgets, balance of payments, tightening money supply, freeing prices and liberalizing trade-but that the area of privatization is one that could be moved to the future and will require much more time. Until 1991, none of the post-communist nations except former East Germany (which had a large decree of support from West Germany) had succeeded in privatizing large numbers of enterprises, even though more than two years had passed since the changes in government in these nations. The privatization has been, however, seen as an extremely important part of reform package together with stabilization and liberalization especially in the Czech Republic from the very beginning. The Czechs originally as a part of the Czechoslovak Federal Republic embarked on an unprecedented path that should have lead not only to stabilization and liberalization, but also to very rapid, mass privatization of its sector of large enterprises that have dominated its economy to an extreme extent.
Author: Michal Mejstrík Publisher: Springer Science & Business Media ISBN: 1461563518 Category : Business & Economics Languages : en Pages : 346
Book Description
It is beyond any doubt that East-Central European countries such as Czech Republic, Hungary, Poland and Slovakia has dramatically changed its shape through its radical transition from centrally planned to the market economies in last 7 years. Many economists divide the process of economic transformation into areas of Stabilization, Liberalization, and Privatization/Restructuring. The traditional view is that stabilization and liberalization can be achieved rather quickly-by balancing budgets, balance of payments, tightening money supply, freeing prices and liberalizing trade-but that the area of privatization is one that could be moved to the future and will require much more time. Until 1991, none of the post-communist nations except former East Germany (which had a large decree of support from West Germany) had succeeded in privatizing large numbers of enterprises, even though more than two years had passed since the changes in government in these nations. The privatization has been, however, seen as an extremely important part of reform package together with stabilization and liberalization especially in the Czech Republic from the very beginning. The Czechs originally as a part of the Czechoslovak Federal Republic embarked on an unprecedented path that should have lead not only to stabilization and liberalization, but also to very rapid, mass privatization of its sector of large enterprises that have dominated its economy to an extreme extent.
Author: Roman Frydman Publisher: Central European University Press ISBN: 9633864917 Category : Business & Economics Languages : en Pages : 239
Book Description
In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.
Author: Andrew Harrison Schwartz Publisher: Rowman & Littlefield Publishers ISBN: 1461645158 Category : History Languages : en Pages : 379
Book Description
With the dissolution of the Soviet Empire, it seemed that market capitalism had triumphed and that democracy might replace authoritarian regimes. Economic reformers in the former Eastern Bloc rushed to liberalize prices and transfer state assets to private hands. They assumed that private owners in a market setting would have no choice but to behave rationally—that is, to invest in restructuring privatized enterprises so as to maximize profits. They also assumed that these owners would perceive a stable institutional environment as conducive to economic success and thus become a powerful lobby in favor of the rule of law, paving the way for democracy. The post-communist reality turned out to be very different. Private owners found that in a weak state with limited laws and regulations and ineffective corporate governance structures, it was more lucrative to steal enterprise assets and exploit opportunities for arbitrage than to restructure enterprises. The lesson learned is that not all forms of private ownership are the same. As this book's in-depth political history of privatization in Central and Eastern Europe demonstrates, the way that assets are privatized matters, both with respect to national economic performance and the successful development of the rule of law. Andrew Harrison Schwartz had unprecedented access to high-level Czech government officials during the Czech Republic's privatization process. This book is the result of the unique insights he gained and the innovative analytical framework he subsequently developed—ownership regime theory—which for the first time places ownership structures at the center of political transition analysis. Engaging and important, The Politics of Greed applies ownership regime theory to a broad range of post-communist privatization cases, including those of the Czech Republic, Poland, Hungary, Russia, and Ukraine.
Author: Hilary Appel Publisher: University of Pittsburgh Press ISBN: 0822972662 Category : History Languages : en Pages : 257
Book Description
After the collapse of communism in the Soviet Union and eastern Europe, more than a dozen countries undertook aggressive privatization programs. Proponents of economic reform championed such large-scale efforts as the fastest, most reliable way to make the transition from a state-run to a capitalist economy.The idea was widely embraced, and in the span of a few years, policymakers across the region repeatedly chose an approach that distributed vast amounts of state property to the private sector essentially for free-despite the absence of any historical precedent for such a radical concept. But privatization was not a panacea. It has, instead, become increasingly synonymous with collusion, corruption, and material deprivation.Why was privatization so popular in the first place, and what went wrong? In answering this question, Hillary Appel breaks with mainstream empirical studies of postcommunist privatization.By analyzing the design and development of programs in Russia, the Czech Republic, and across eastern Europe, Appel demonstrates how the transformation of property rights in these countries was first and foremost an ideologically driven process. Looking beyond simple economic calculations or pressure from the international community, she argues that privatization was part and parcel of the foundation of the postcommunist state.A New Capitalist Order reveals that privatization was designed and implemented by pro-market reformers not only to distribute gains and losses to powerful supporters, but also to advance a decidedly Western, liberal vision of the new postcommunist state. Moreover, specific ideologies-such as anticommunism, liberalism, or nationalism, to name but a few-profoundly influenced the legitimacy, the power, and even the material preferences of key economic actors and groups within the privatization process.
Author: David Stark Publisher: Cambridge University Press ISBN: 9780521589741 Category : Business & Economics Languages : en Pages : 304
Book Description
This book, first published in 1998, analyzes democratization and economic change in the postsocialist societies of East Central Europe.
Author: John R. Nellis Publisher: World Bank Publications ISBN: 9780821345030 Category : Business & Economics Languages : en Pages : 44
Book Description
IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
Author: Jan Svejnar Publisher: Academic Press ISBN: 1483289230 Category : Business & Economics Languages : en Pages : 463
Book Description
The Czech Republic and Economic Transition in Eastern Europe is the first in-depth, comparative analysis of the Czech Republic's economic transition after the fall of the Communist bloc. Edited by Jan Svejnar,a principal architect of the Czech economic transformation and Economic Advisor to President Vaclav Havel, the book poses important questions about the Republic and its partners in Central and Eastern Europe. The thirty-five essayists describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues it faces.In this in-depth, comparative analysis of the Czech Republic's economic transition, an international team of thirty-five economists examine the Republic and its partners in Central and Eastern Europe. Important questions and issues permeate the essays. For example, prior to 1939 the Czech Republic possessed the most advanced economy in the region; is it capable of reestablishing its dominance? Relative to its neighbors, the Republic ranks especially high on some transition-related performance indicators but low on others. What economic effects are related to the 1993 dissolution of the Czech and Slovak governments? And what can be learned by comparing the economic outcomes of two countries that shared legal and institutional frameworks? Data describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues facing it. Its most important contributions are its clarifications of the transition process.The authors included in Transforming Czechoslovakia combine the best available data and techniques of economic analysis to assess the replacement of the inefficient but internally consistent central planning system with a more efficient market system. These authors, among whom are central European economic analysts, senior U.S. economists, and Czechoslovakian professors and economic researchers, discuss the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues facing it. The essays vary between presentations of history and policy and technical examinations of data. Together they offer the most comprehensive and detailed assessment of the country's economic transformation in print.This book is important because its essayists compile results and reach conclusions that are broad and credible. The empirical data were gathered on the ground and have been subjected to advanced methodologies, including game theory, industrial organization, and Granger-Sims causality.
Author: Irena Kogan Publisher: Stanford University Press ISBN: 0804778957 Category : Social Science Languages : en Pages : 674
Book Description
After the breakdown of socialism in Central and Eastern Europe, the role of education systems in preparing students for the "real world" changed. Though young people were freed from coercive state institutions, the shift to capitalism made the transition from school to work much more precarious and increased inequality in early career outcomes. This volume provides the first large-scale analysis of the impact social transformation has had on young people in their transition from school to work in Central and Eastern European countries. Written by local experts, the book examines the process for those entering the workforce under socialism, during the turbulent transformation years, in the early 2000s, and today. It considers both the risks and opportunities that have emerged, and reveals how they are distributed across social groups. Only by studying these changes can we better understand the long-term impact of socialism and post-socialist transformation on the problems young people in this part of the world are facing today.
Author: Publisher: Springer ISBN: 0230623964 Category : Political Science Languages : en Pages : 249
Book Description
The collapse of communism in 1989 paved the way for the reunification of the continent. This book analyzes the impact of the different dynamics of change since 1989 on public policy and on various economic and political sectors.
Author: Klaus Richter Publisher: Oxford University Press ISBN: 0192581635 Category : History Languages : en Pages : 368
Book Description
The First World War led to a radical reshaping of Europe's political borders. Nowhere was this transformation more profound than in East Central Europe, where the collapse of imperial rule led to the emergence of a series of new states. New borders intersected centuries-old networks of commercial, cultural, and social exchange. The new states had to face the challenges posed by territorial fragmentation and at the same time establish durable state structures within an international order that viewed them as, at best, weak, and at worst, as merely provisional entities that would sooner or later be reintegrated into their larger neighbours' territory. Fragmentation in East Central Europe challenges the traditional view that the emergence of these states was the product of a radical rupture that naturally led from defunct empires to nation states. Using the example of Poland and the Baltic States, it retraces the roots of the interwar states of East Central Europe, of their policies, economic developments, and of their conflicts back to the First World War. At the same time, it shows that these states learned to harness the dynamics caused by territorial fragmentation, thus forever changing our understanding of what modern states can do.
Author: Michal Mejstrík
Author: Michal Mejstrík
Author: Roman Frydman
Author: Andrew Harrison Schwartz
Author: Hilary Appel
Author: David Stark
Author: John R. Nellis
Author: Jan Svejnar
Author: Irena Kogan
Author: 
Author: Klaus Richter