The paper is concerned with the Czech privatization. According to the author, there was no economic theory of privatization in 1989. Therefore, decision makers in transition economies had to improvise and solve a dilemma: a fast, or slow privatization? The Czech literature on privatization as well as the strengths and weaknesses of privatization methods in the Czech Republic, including of the voucher one, are discussed. The paper argues against the pessimistic view on the Czech privatization, which predominated in the literature in the second half of the nineties.privatization, economic theory, Czech Republic, transition, capital markets, voucher privatizatio
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