Privatising Privatisation: The Czech Experience
Issue 3, 1992

As the dust begins to settle almost three years after the collapse of the Iron Curtain, the Czech and Slovak Federal Republic (often referred to as the C.S.F.R.) has emerged with what is arguably the boldest policy on privatisation among the former Eastern Bloc countries. Unlike Hungary, Poland, and the former East Germany, where control over the privatisation process lies mostly in the hands of one central authority, the C.S.F.R. has transferred most of the responsibility for the privatisation process to the individual companies being privatised. These companies must prepare their own privatisation projects for approval by the relevant ministries. Thus the privatisation process itself has been privatised. The result has been an enormous decentralised mobilisation of resources and a massive and rapid ongoing privatisation process, the likes of which has never been experienced anywhere.