Abstract
The transition to the market economy inevitably has to include several processes such as stabilization and trade and price liberalization. The privatization and the rapid formation of the private sector was added to this list by Czech economic reformers as the only way to avoid “reform pitfalls” (see Klaus, 1993; Mejstrik, 1996, Chap. 1). Also, in the case of Russia, there was a need to eliminate the vacuumsometimes called “preprivatization agony”—that had arisen in the governance of its state-owned enterprises (SOEs), often leading either to bankruptcy or in better cases to “spontaneous privatization” by the managers of these firms. The size of the privatization problem can be illustrated by the number of estimated original SOEs: 5,000 in the Czech and Slovak republics and 27,000 in Russia.
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Mejstrik, M. (1997). Privatization in the Czech Republic and Russia: The Voucher Model. In: Giersch, H. (eds) Privatization at the End of the Century. Publications of the Egon-Sohmen-Foundation. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-60825-4_9
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