Privatization in Eastern Europe: Legal, Economic, and Social Aspects

Article excerpt

Privatization in Eastern Europe: Legal, Economic, and Social Aspects, edited by Hans Smit and Vratislav Pechota. Irvington-on-Hudson, New York: Transnational Juris Publications, 1994. Pp. 255. $95.00 (hardcover) .

In recent years many socialist nations have experimented with, and worked towards, privatization of their state-owned industries and a shift to a market economy. The countries contemplating this change include: the nations of the former Soviet bloc, Laos, Vietnam, Cambodia, and China. Privatization in Eastern Europe: Legal, Economic, and Social Aspects is a collection of papers previously presented at a conference on the privatization process in Eastern Europe in 1993. What makes this book unique is that the authors of the papers have participated in the very privatization process of which they are writing.

Privatization in Eastern Europe: Legal, Economic, and Social Aspects analyzes legal and economic reform efforts toward privatization and allows the reader to compare the abrupt versus the gradual introduction of a market economy into socialist nations. The editors also note that many successful market economies include stateowned enterprises that compete in the free market.

The book is comprised of three parts, each with a number of essays covering a range of privatization topics. The issues the book covers include: (1) a conceptual discussion of privatization; (2) the modes of privatization; (3) the methods of privatization; (4) foreign investors' participation in privatization; (5) the voucher system of financing and subsidizing privatization; (6) regulation of investment funds' participation in privatization in the Czech and Slovak Republics; (7) the role of intermediaries in the financing of privatization; (8) foreign financing of privatization; (9) private financing of privatization; and (10) a separate section on privatization; specifically, in Russia, Poland, Ukraine, the former Czechoslovakia, and Hungary. …