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The rise and fall of Czech capitalism : economic development in the Czech Republic since 1989 /
Martin Myant.
Cheltenham, UK ; Northampton, MA : Edward Elgar, 2003.
xv, 288 p. ; 23 cm.
More Details
Cheltenham, UK ; Northampton, MA : Edward Elgar, 2003.
catalogue key
Includes bibliographical references and index.
A Look Inside
About the Author
Author Affiliation
Martin Myant is a Professor in Paisley Business School at the University of Paisley, UK.
Full Text Reviews
Appeared in Choice on 2003-12-01:
Myant (Univ. of Paisley, UK) examines major elements of the Czech economic reform experience, including "shock therapy," the "transformation depression" and recovery, monetary policy and banking, privatization, the restructuring of enterprises, and the key role of foreign direct investment. He presents numerous short case studies and separate chapters on the industrial giant Skoda and on the chemical industry. Considering political as well as economic aspects, Myant is critical of many features of the Czech approach, especially fiscal and monetary policies, privatization strategy, and the delay in establishing a proper legal and regulatory framework for a market economy. The work is based on a wide range of Czech-language sources as well as Western literature on systemic change in formerly communist countries. The volume contains many tables, a map, and a short chronology of key events. There are no other books with the same scope. This study is a sequel to the author's The Czechoslovak Economy, 1948-1988: The Battle for Economic Reform (CH, Mar'90), though without treatment of Slovakia. ^BSumming Up: Recommended. Upper-division undergraduate through faculty readership and collections covering the Czech economy. M. Bornstein University of Michigan
This item was reviewed in:
Choice, December 2003
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Bowker Data Service Summary
Martin R. Myant covers economic development in the Czech Republic during the period 1989 and 2002.
Main Description
No other book tells the Czech story so closely and impressively. Myant uses rich sources of information, the original among them being commentaries on individual events by economic journalists and insiders. Jiri Vecernik, Slavic Review This book offers a detailed, critical account of the economic transformation of the Czech Republic since 1989. It follows the development and implementation of a reform strategy based on shock therapy and rapid privatisation, set against the background of turbulent political change and conflict. The aim of the government in the mid 1990s was the creation of a Czech capitalism, with Czech-owned business empires and banks. A detailed analysis of developments in banking and industrial enterprises shows how the chosen strategy led instead to continuing inefficiency, flawed management decisions and uncontrolled profiteering. These combined factors contributed to serious economic difficulties in the latter part of the decade, with success stories largely confined to foreign-owned firms. After 1998, a new government attempted to encourage economic revival based upon a fresh strategy which emphasised the sale of banks and industrial enterprises to foreign owners. Even with this new reform strategy, the author concludes that the results were, at best, mixed. Throughout the analysis, the author provides in-depth commentary on a variety of topics including the sources of economic growth, the role of the central bank, developments in banking and industrial enterprises and the impact of inward direct investment. It is rare to find such a comprehensive book which assesses the economic transformations of a single country. The detailed analysis and pertinent conclusions will be welcomed by academics and researchers with an interest in transition economies, European integration, international finance and political science.
Table of Contents
List of Tablesp. vi
Abbreviationsp. viii
Acknowledgementsp. x
Chronology of Key Eventsp. xi
Czech Republic--Basic Datap. xiv
Map of Czech Republicp. xv
Introductionp. 1
Towards Economic Reformp. 10
The Transformation Depressionp. 25
The Golden Age and Afterp. 51
Money and the Central Bankp. 71
Politicians and the Central Bankp. 92
Voucher Privatisation and Afterp. 114
Banks and the Czech Roadp. 141
Transforming Industrial Enterprisesp. 166
Government and Industryp. 188
Skoda-Plzenp. 211
Chemicals--A Failure for Privatisationp. 226
Inward Investment and Competitivenessp. 245
Conclusionp. 262
Referencesp. 268
Indexp. 278
Table of Contents provided by Ingram. All Rights Reserved.

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