From central planning to the market: The Transformation of the Czech Economy
|Year of publication
|MU Faculty or unit
|Economic transformation in Central Europe was a complicated and highly demanding process. The book covers in a comprehensive way the whole transformation in Czechoslovakia (the Czech Republic) from the beginning of the 1990s until its accession to the EU in 2004. The goal is to provide a vivid and complex picture of the whole process. It covers the initial conditions, specifically the functioning of the centrally planned system in Czechoslovakia, political development and foremost the applied economic policy (including a broad discussion of the privatization process). Consequently, the book shows economic results including aspects of re-integration into the world markets. Special chapters are dedicated to development of institutions (in the meaning of rules in the society and the economy), changes in the financial sector and the conditions and development of entrepreneurship. Two chapters are devoted to the transformation processes in Hungary and Poland. The structure of these chapters allows comparison of the main economic decisions and development. In the final chapter the book offers conclusion and evaluation of the whole process (that is similar for all discussed countries). The author provides evidence of the success of the overall process but he also mentions steps that can be considered as mistakes. The results clearly show that the transformation process allowed the countries to change the overall economic trajectory from unavoidable deepening of the gap separating them from the developed economies (which was a result of the centrally planned period) to the ignition of the catching-up process. The book provides the readers with many interesting details regarding the transformation processes. It points out the turbulent nature of period discussions and demonstrates variety of views of economic policy and decisions. And it generally provides a deeper insight and allows the readers to create their own opinions based on the presented attitudes and facts.