BOZIDAR CEROVIC Professor of Economics and Dean, Belgrade University, Yugoslavia ANDRZEJ DUDZINSKI Assistant Professor of Economics, Université Toulouse I, France GÉRARD DUCHENE Professor of Economics, University Paris 12, France JÁNOS KORNAI Allie S. Freed Professor of Economics, Emeritus, Harvard University, USA and Permanent Fellow, Emeritus of Collegium Budapest Institute for Advanced Study, Hungary MARTIN MACHACEK Senior Lecturer in Macroeconomics, Technical University of Ostrava, Czech Republic MARKO MALOVIC Faculty of Economics, University of Belgrade, Yugoslavia JEAN-FRANCOIS NIVET Faculty of Economics, University of Tours, France JAMES PEMBERTON Professor of Economics and Head of School of Business, University of Reading, UK PHILIPPE RUSIN Lecturer, University of Paris I Pantheon-Sorbonne, France KRYSTYNA SZYMKIEWICZ Researcher, Centre Nationale de la Recherche Scientifique, France MARIA VAGLIASINDI Principal Economist, European Bank for Reconstruction and Development PIETRO A.VAGLIASINDI Professor of Public and Industrial Economics, University of Parma, Italy ALENA ZEMPLINEROVA Senior Researcher, Centre for Economic Research and Graduate Education, Charles Univesrity, Prague, Czech Republic.

Privatization is at the heart of transition, but we have not recently seen a considered reflection of our learning from the numerous and varied cases across the region. This book goes a long way towards filling that gap. It contains five important theoretical chapters and careful analysis of experiences in five countries. Major themes include de novo entry versus privatization as ways to develop the private sector, privatization methods, corporate governance and the speed of privatization.' - Professor Saul Estrin, London Business School 'This book provides a valuable assessment of the lessons learned about privatisation and structural reform now that more than a decade has passed since the end of Communism in eastern Europe and the USSR. The nuanced analyzes of the methods, speed and sufficiency of privatisation in the five theoretical chapters are complemented by informative case studies of the Czech Republic, Kazakhstan, Poland, Romania and Serbia.' - Richard Pomfret, Professor of Economics, University of Adelaide, Australia

• List of Tables and Figures Foreword List of Abbreviations Contributors Introduction; Y.Kalyuzhnova & W.Andreff PART I: PRIVATISATION AND STRUCTURAL REFORMS: THEORETICAL FRAMEWORK Ten Years After The Road to a Free Economy : The Author's Self-Evaluation of Privatisation; J.Kornai Lessons from the Experience of Privatisation in Post-planned Economies; W.Andreff Privatisation Methods and Enterprises Governance in Transition Economies; M.Vagliasindi & P.Vagliasindi Ownership and the Firm: Some Theoretical Gaps Revealed by Privatisation in Transition Economies; J-F.Nivet Privatisation, Human Capital, and Long-Run Development Strategies in Transition Economies; J.Pemberton PART II: PATTERNS AND FEATURES OF PRIVATISATION IN TRANSITION New Private Sector and Growth. A Tale of Two Economies in Transition: Poland and Romania Compared; G.Duchene & P.Rusin Privatisation and Structural Reform: Case Study Kazakhstan; Y.Kalyuzhnova Privatisation in Serbia: Attempts, Outcome and the Present State; B.Cerovic & M.Malovic Privatisation in Czech Republic: Strengths and Weaknesses; A.Zemplinerova & M.Machacek Privatisation of Banks and Firms: The Polish Route; A.Dudzinski & K.Szymkiewicz Conclusion; Y.Kalyuzhnova & W.Andreff Index

BOZIDAR CEROVIC Professor of Economics and Dean, Belgrade University, Yugoslavia ANDRZEJ DUDZINSKI Assistant Professor of Economics, Université Toulouse I, France GÉRARD DUCHENE Professor of Economics, University Paris 12, France JÁNOS KORNAI Allie S. Freed Professor of Economics, Emeritus, Harvard University, USA and Permanent Fellow, Emeritus of Collegium Budapest Institute for Advanced Study, Hungary MARTIN MACHACEK Senior Lecturer in Macroeconomics, Technical University of Ostrava, Czech Republic MARKO MALOVIC Faculty of Economics, University of Belgrade, Yugoslavia JEAN-FRANCOIS NIVET Faculty of Economics, University of Tours, France JAMES PEMBERTON Professor of Economics and Head of School of Business, University of Reading, UK PHILIPPE RUSIN Lecturer, University of Paris I Pantheon-Sorbonne, France KRYSTYNA SZYMKIEWICZ Researcher, Centre Nationale de la Recherche Scientifique, France MARIA VAGLIASINDI Principal Economist, European Bank for Reconstruction and Development PIETRO A.VAGLIASINDI Professor of Public and Industrial Economics, University of Parma, Italy ALENA ZEMPLINEROVA Senior Researcher, Centre for Economic Research and Graduate Education, Charles Univesrity, Prague, Czech Republic.

Privatization is at the heart of transition, but we have not recently seen a considered reflection of our learning from the numerous and varied cases across the region. This book goes a long way towards filling that gap. It contains five important theoretical chapters and careful analysis of experiences in five countries. Major themes include de novo entry versus privatization as ways to develop the private sector, privatization methods, corporate governance and the speed of privatization.' - Professor Saul Estrin, London Business School 'This book provides a valuable assessment of the lessons learned about privatisation and structural reform now that more than a decade has passed since the end of Communism in eastern Europe and the USSR. The nuanced analyzes of the methods, speed and sufficiency of privatisation in the five theoretical chapters are complemented by informative case studies of the Czech Republic, Kazakhstan, Poland, Romania and Serbia.' - Richard Pomfret, Professor of Economics, University of Adelaide, Australia

• List of Tables and Figures Foreword List of Abbreviations Contributors Introduction; Y.Kalyuzhnova & W.Andreff PART I: PRIVATISATION AND STRUCTURAL REFORMS: THEORETICAL FRAMEWORK Ten Years After The Road to a Free Economy : The Author's Self-Evaluation of Privatisation; J.Kornai Lessons from the Experience of Privatisation in Post-planned Economies; W.Andreff Privatisation Methods and Enterprises Governance in Transition Economies; M.Vagliasindi & P.Vagliasindi Ownership and the Firm: Some Theoretical Gaps Revealed by Privatisation in Transition Economies; J-F.Nivet Privatisation, Human Capital, and Long-Run Development Strategies in Transition Economies; J.Pemberton PART II: PATTERNS AND FEATURES OF PRIVATISATION IN TRANSITION New Private Sector and Growth. A Tale of Two Economies in Transition: Poland and Romania Compared; G.Duchene & P.Rusin Privatisation and Structural Reform: Case Study Kazakhstan; Y.Kalyuzhnova Privatisation in Serbia: Attempts, Outcome and the Present State; B.Cerovic & M.Malovic Privatisation in Czech Republic: Strengths and Weaknesses; A.Zemplinerova & M.Machacek Privatisation of Banks and Firms: The Polish Route; A.Dudzinski & K.Szymkiewicz Conclusion; Y.Kalyuzhnova & W.Andreff Index

BOZIDAR CEROVIC Professor of Economics and Dean, Belgrade University, Yugoslavia ANDRZEJ DUDZINSKI Assistant Professor of Economics, Université Toulouse I, France GÉRARD DUCHENE Professor of Economics, University Paris 12, France JÁNOS KORNAI Allie S. Freed Professor of Economics, Emeritus, Harvard University, USA and Permanent Fellow, Emeritus of Collegium Budapest Institute for Advanced Study, Hungary MARTIN MACHACEK Senior Lecturer in Macroeconomics, Technical University of Ostrava, Czech Republic MARKO MALOVIC Faculty of Economics, University of Belgrade, Yugoslavia JEAN-FRANCOIS NIVET Faculty of Economics, University of Tours, France JAMES PEMBERTON Professor of Economics and Head of School of Business, University of Reading, UK PHILIPPE RUSIN Lecturer, University of Paris I Pantheon-Sorbonne, France KRYSTYNA SZYMKIEWICZ Researcher, Centre Nationale de la Recherche Scientifique, France MARIA VAGLIASINDI Principal Economist, European Bank for Reconstruction and Development PIETRO A.VAGLIASINDI Professor of Public and Industrial Economics, University of Parma, Italy ALENA ZEMPLINEROVA Senior Researcher, Centre for Economic Research and Graduate Education, Charles Univesrity, Prague, Czech Republic.

Privatization is at the heart of transition, but we have not recently seen a considered reflection of our learning from the numerous and varied cases across the region. This book goes a long way towards filling that gap. It contains five important theoretical chapters and careful analysis of experiences in five countries. Major themes include de novo entry versus privatization as ways to develop the private sector, privatization methods, corporate governance and the speed of privatization.' - Professor Saul Estrin, London Business School 'This book provides a valuable assessment of the lessons learned about privatisation and structural reform now that more than a decade has passed since the end of Communism in eastern Europe and the USSR. The nuanced analyzes of the methods, speed and sufficiency of privatisation in the five theoretical chapters are complemented by informative case studies of the Czech Republic, Kazakhstan, Poland, Romania and Serbia.' - Richard Pomfret, Professor of Economics, University of Adelaide, Australia

• List of Tables and Figures Foreword List of Abbreviations Contributors Introduction; Y.Kalyuzhnova & W.Andreff PART I: PRIVATISATION AND STRUCTURAL REFORMS: THEORETICAL FRAMEWORK Ten Years After The Road to a Free Economy : The Author's Self-Evaluation of Privatisation; J.Kornai Lessons from the Experience of Privatisation in Post-planned Economies; W.Andreff Privatisation Methods and Enterprises Governance in Transition Economies; M.Vagliasindi & P.Vagliasindi Ownership and the Firm: Some Theoretical Gaps Revealed by Privatisation in Transition Economies; J-F.Nivet Privatisation, Human Capital, and Long-Run Development Strategies in Transition Economies; J.Pemberton PART II: PATTERNS AND FEATURES OF PRIVATISATION IN TRANSITION New Private Sector and Growth. A Tale of Two Economies in Transition: Poland and Romania Compared; G.Duchene & P.Rusin Privatisation and Structural Reform: Case Study Kazakhstan; Y.Kalyuzhnova Privatisation in Serbia: Attempts, Outcome and the Present State; B.Cerovic & M.Malovic Privatisation in Czech Republic: Strengths and Weaknesses; A.Zemplinerova & M.Machacek Privatisation of Banks and Firms: The Polish Route; A.Dudzinski & K.Szymkiewicz Conclusion; Y.Kalyuzhnova & W.Andreff Index