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Privatisation and the Development of Tourism in the Czech Republic and Slovakia: Property Rights, Firm Performance, and Recombinant Property

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  • Allan M Williams

    (Tourism Research Group, Department of Geography, University of Exeter, Exeter EX4 4RJ, England)

  • Vladimir Baláž

    (Institute of Forecasting, Slovak Academy of Science, Šancová 56, 81105 Bratislava, Slovakia)

Abstract

Privatisation is one of the key elements of the package of neoliberal reforms in the transition economies of Central and Eastern Europe which collectively constitute the ‘sharp shock’ strategy. In this, privatisation is ascribed the role of redistributing and clarifying property rights, which is an assumed precondition for efficiency improvements in individual firms. In practice, the transformation is characterised by path dependency, cultural and political legacies, and uneven and partial reform of market institutions and of regulation. We contribute to the debate on the link between property rights and firm-level performance in three main ways. First, we analyse the tourism sector as a counterbalance to the emphasis in the existing literature on manufacturing and financial services; particular emphasis is given to the roles of ‘operators’ and the ‘nomenklatura’, and to complex, nonlinear shifts in property rights. Second, we assess the performance of tourism firms created by different forms of creative and distributive privatisation; this emphasises the diversity of property rights, market segmentation, and the capital and debt structures of firms. Third, the value of the concept of ‘recombinant’ property for analysing the complex and changing forms of property rights is critiqued. These arguments are illustrated through a case study of tourism in the Czech Republic and Slovakia.

Suggested Citation

  • Allan M Williams & Vladimir Baláž, 2000. "Privatisation and the Development of Tourism in the Czech Republic and Slovakia: Property Rights, Firm Performance, and Recombinant Property," Environment and Planning A, , vol. 32(4), pages 715-734, April.
    • Handle: RePEc:sae:envira:v:32:y:2000:i:4:p:715-734
    DOI: 10.1068/a32123
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    References listed on IDEAS

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    1. János Kornai & Aleksandar M. Vacić & Pekka Sutela & Don Patinkin, 1990. "The Affinity Between Ownership and Coordination Mechanisms: The Common Experience of Reform in Socialist Countries," International Economic Association Series, in: Oleg T. Bogomolov (ed.), Market Forces in Planned Economies, chapter 3, pages 32-73, Palgrave Macmillan.
    2. Kornai, Janos, 1990. "The Affinity between Ownership Forms and Coordination Mechanisms: The Common Experience of Reform in Socialist Countries," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 131-147, Summer.
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