Badly defined institutional framework caused many problems of the Czech transition. Designers of the economic reform did not respect the importance of precisely functioning market institutions. No doubts that building institutions supports the functioning of markets. The article analyses why...

Privatization of the Czech banking sector was not an ideal process. Many errors and failures could be mentioned. The role of national banking for the raising of national entrepreneurial class was overvalued. There was also a broad naiveté about a great interest of potential investors. Also the...