The Czech privatisation after 20 years

This article discusses the Czech privatisation. Since there was no economic theory of privatisation in 1989, the decision makers in transition economies had to improvise and solve a dilemma: fast or slow privatisation? The Czech literature on privatisation as well as the strengths and weaknesses of the privatisation methods in the Czech Republic, including the voucher one, are discussed. The article argues against the pessimistic view of the Czech privatisation, which predominated in the literature in the second half of the 1990s.