Renegotiating the Ties that Bind
Renegotiating the Ties that Bind
The Limits of Privatization in the Czech Republic
This chapter is concerned with the reconfiguration of Czech industrial manufacturing firms during the period of radical privatization and market liberalization of the late 20th century. It discusses how the reform of property rights and financial institutions gave rise to an alarming liquidity crisis and the preservation of large industrial manufacturing organization, yet with a diffusion of the very authority that privatization supporters argue must be concentrated and sovereign. The section ‘Reconsidering Property Rights and Restructuring’ examines two central theoretical issues: the relationship between property rights and the reorganization of firms, and the way property rights and institutions of economic governance are defined. The third section analyses how privatization has allowed the tight economic social relations among firms to reproduce. The fourth section looks into the reform of financial institutions. The fifth section studies how pre-existing financial and technical links provide the building blocks of control rights and obligations.
Keywords: property rights, control rights, reconfiguration, liquidity crisis, manufacturing organization, radical privatization, market liberalization
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