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A Case Study of Privatization without Consideration: The Failure of Voucher Privatization in the Czech Republic


  • László Török



The theory of coupon privatization was developed by Milton Friedman in the 1970s as a quicker alternative to stock privatization. According to this theory, several transformed Central and Easter European countries have provided their state entrepreneurial assets – to various degrees – to private ownership. The largest voucher asset transmission took place in the Czech Republic, where more than half of the total privatization value was transferred to private ownership by this institutional method. The current study presents the socioeconomic motivations, achievements, and failures of this radical privatization model and finally, it draws lessons and conclusions regarding the Bohemian application of this extremist (in an economic-political sense) privatization technique. The study will be part of a dissertation including the comparative analysis of European privatization models.

Suggested Citation

  • László Török, 2011. "A Case Study of Privatization without Consideration: The Failure of Voucher Privatization in the Czech Republic," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 7(02), pages 79-86.
  • Handle: RePEc:mic:tmpjrn:v:7:y:2011:i:02:p:79-86

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    transformation; ownership; privatization; coupons; structure;

    JEL classification:

    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property


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