1951. Economic Transformation and Privatization
- Author:
- Richard J. Hunter Jr. and Leo V. Ryan
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- Warsaw East European Review (WEER)
- Institution:
- Centre for East European Studies, University of Warsaw
- Abstract:
- In its simplest form, privatization is de-statism – that is, removing the state as the owner of property and assets. From the outset of the transformation process in Poland, significant systemic limitations to the privatization process existed1. A developed market infrastructure was absent. Businesses that were being prepared for privatization lacked the ability to conduct market research, and advisory and consulting services were in short supply. Procedures and benchmarks for property valuation were almost non-existent. The financial infrastructure was immature and data on the profitability of firms being prepared for privatization was problematic. In addition, both the quality and level of competency of civil servants (the nomenklatura) and private managers remained low-largely due to the negative legacy of Poland’s communist past.
- Topic:
- Economics, Privatization, Governance, and Economic Transformation
- Political Geography:
- Europe and Poland