Economic Transition in the Slovak Republic

The transition from a planned to a market economy can be rather neatly divided into two periods ? the revolutionary period (privatisation, liberalisation, and stabilisation) and the evolutionary period (implementation of institutional framework). In this regard, the Slovak experience shows that while short-term growth is relatively easy to achieve, the challenge remains sustainable long-term growth. Revolution period is necessary toward effecting economic transition, but is no end in itself. The transition of a national economy is not limited to economics; it has a political and social dimension as well, which are particularly evident in the Slovak context with regard to privatisation, economic policy, and the realisation of pro-reform legislation. Human capital is essential not only for the restructuring of firms but also for the reform of public administration and toward the greater creation of an efficient market economy framework.