Privatization in eight former socialist countries of eastern Europe

The demise of the communism in the former Soviet Union and the satellites of Eastern Europe has created a massive shift in the economies of these countries. The new governments are dedicated to establishing democratic political institutions and free market economies, but are hampered because of lack experience, little investment capital, and inertia of their constituents in the work force Each state is undertaking the changes differently and after approximately three years into the process, it is possible to see more progress in some countries than in others. Here, we present a brief political and economic statement followed by analysis of the privatization process in Romania, Bulgaria, Albania, Poland, Czechoslovakia, Hungary, Russia, and Ukraine as of the end of 1992 and early 1993.