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Creating A Market Of Property Rights: The Case Of Czechoslovak Privatization

Author

Listed:
  • Ivo STREJCEK,

    (Faculty of Economics, University of Economics in Prague)

  • Martin ZEMAN

    (Faculty of Economics, University of Economics in Prague)

Abstract

Year 2016 marked the 25th anniversary of an introduction of the main measures of the Czechoslovak transformation process, which moved the country from a centrally planned economy towards a free market economy. Approach to the transformation varied among economists, who promoted two main ways of transformation – slow-paced gradualist approach and fast, decisive turn towards capitalism, which prevailed in the society. The paper sums up four main pillars of the Czechoslovak transformation: liberalization of prices and international commerce, macroeconomic stabilization and re-allocation of property rights. The focus is placed on a creation of a market with property rights through privatization and a restitution process. The last part of the paper describes macroeconomic development of transforming Central European countries and concludes that Czechoslovakia fared the best in inflation and unemployment while suffering not as deep drop in output as other countries.

Suggested Citation

  • Ivo STREJCEK, & Martin ZEMAN, 2017. "Creating A Market Of Property Rights: The Case Of Czechoslovak Privatization," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 6(3), pages 1-4, august.
    • Handle: RePEc:scm:ecofrm:v:6:y:2017:i:3:p:4
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    File URL: http://ecoforumjournal.ro/index.php/eco/article/view/658/406
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    References listed on IDEAS

    as
    1. World Bank, 2016. "World Development Indicators 2016," World Bank Publications - Books, The World Bank Group, number 23969, December.
    2. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-662, June.
    3. Claudia R. Williamson & Carrie B. Kerekes, 2011. "Securing Private Property: Formal versus Informal Institutions," Journal of Law and Economics, University of Chicago Press, vol. 54(3), pages 537-572.
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