Politics and Policies in Post-Communist Transition
Primary and Secondary Privatisation in Central Europe and the Former Soviet Union
Publication Year: 2011
Published by: Central European University Press
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Table of Contents
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List of Graphs
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List of Tables
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Foreword and overview
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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...
2 Privatisation: why and how?
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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....
3 An overview of the processes of primary privatisation in the six countries
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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...
4 Secondary privatisation in (essentially only) five countries
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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...
5 Primary and secondary privatisation—countries of slowand rapid concentration of the ownership structure
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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...
6 The speed of secondary privatisation and the characteristics of political transition
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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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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....
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Page Count: 204
Publication Year: 2011