Privatization Is Not the Key to Successful Transition
The experience so far suggests that privatization should be embraced more gradually and policies that promote genuine competition be encouraged more aggressively. What international agencies mean by privatization is turning state-owned enterprises into proprietorships or joint-stock companies with a nongovernmental board of directors that is, capitalist control. By 1995, privatization of large state-owned enterprises (SOEs) had been accomplished through voucher auctions in the Czech Re-