ABSTRACT
During the whole period of transformation, i.e since the memorable ‘Autumn of Nations’ in 1989, politicians, analysts and societies in general have concentrated their attention, energy, and resources on privatization, that is the transformation of state ownership into private ownership. Privatization, understood in a manner defined above has been largely seen as a cornerstone of transition to a capitalist market economy in the longer run (please note that the terms: ‘transition’, ‘transformation’ and ‘systemic change’ are used here interchangeably). Private ownership is best performing within the framework of the institutions of the market. There has been a near consensus on the latter view (a few utopian strands of economic thinking notwithstanding).
