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Politics and Policies in Post-Communist Transition

Primary and Secondary Privatisation in Central Europe and the Former Soviet Union

By Karoly A. Soos

Publication Year: 2011

Discusses the policies, practices and outcomes of privatization in six transition economies: the Czech Republic, Hungary, Poland, Russia, Slovenia and Ukraine, paying particular attention to cross-country differences and to interrelations between the processes of privatisation and the political transition from communism to a new system. The analysis is restricted to the privatisation in those fields where its methods have been strongly different from privatisations in advanced market economies and where differences of privatisation principles and techniques among our six countries were also rather various. This is basically the privatisation of middle-sized and large enterprises, not including banks, non-bank financial companies, natural monopolies and agricultural entities.

Published by: Central European University Press

Cover

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pp. c-ii

Title page

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p. iii-iii

Copyright page

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p. iv-iv

Table of Contents

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pp. v-viii

List of Graphs

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pp. ix-x

List of Tables

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pp. xi-xiv

Acknowledgments

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pp. xv-xvi

Foreword and overview

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pp. xvii-xxiv

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1 Introduction

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pp. 1-14

This book is not intended as a comprehensive study of privatisation in all former communist countries from the late 1980s to the present. It analyses only the typical paths and fundamental methods of privatisation. For this book’s purposes, the examples of some countries are sufficient. Six have been selected: the Czech Republic, Hungary, Poland, Russia, Slovenia and...

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2 Privatisation: why and how?

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pp. 15-30

Of course, in this discussion of privatisation policies and mechanisms, aside from the political circumstances and pressures of those turbulent times, it is important to note some deeper, partly political but partly economic factors that determined the need for and the method of privatisation....

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3 An overview of the processes of primary privatisation in the six countries

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pp. 31-70

The countries studied here implemented primary privatisation with a wide range of methods. Systematising the paths followed by different countries is not an easy task. In analysing the economies of former communist countries, an approach based on relatively homogeneous country groups—determined by geography, history, mutual and common external...

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4 Secondary privatisation in (essentially only) five countries

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pp. 71-104

As Myant (2001) writes, supporters of voucher mass privatisation in the Czech Republic expected that the two waves of the allocation of enterprise shares would be followed by a third wave during which the new owners (the voucher owners turned small shareholders) would “vanish like … brontosaurs”. The term used in the Polish privatisation literature...

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5 Primary and secondary privatisation—countries of slowand rapid concentration of the ownership structure

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pp. 105-116

The overview in the previous section concerning secondary privatisation in five countries shows, as expected, the growth of ownership concentration and—as an “engine” of this process—the shrinking of the stakes of both the most-preferred groups: non-managerial insider shareholders and small outsider shareholders “born” in voucher mass privatisations. These...

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6 The speed of secondary privatisation and the characteristics of political transition

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pp. 117-148

As mentioned in subsection 5.3, foreigners are mostly uninterested in having minority stakes in former communist countries’ companies. If they want to be owners of companies in this part of the world, they seek a majority stake. Usually even a blocking minority (meaning, in most legal systems, a more than 25 percent ownership share) does not satisfy them....

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7 Conclusions

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pp. 149-160

This survey of primary and secondary privatisation in six countries until the early 2000s has observed that the character of political transition had a considerable impact on secondary privatisation and a somewhat weaker one on the methods and speed of primary privatisation....

References

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pp. 161-178

Back Cover

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p. bc-bc


E-ISBN-13: 9789639776913
Print-ISBN-13: 9789639776852

Page Count: 204
Publication Year: 2011