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Economic Reform in Czechoslovakia and the Role of Foreign Assistance

In: Financial Strategies and Public Policies

Author

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  • Vaclav Klaus

Abstract

The problems which Czechoslovakia and other East European nations are confronting during the process of transforming their economies call for a non-traditional approach from Western countries, the public and private sectors and from international institutions to the problem of financial resources and sustaining the influx of foreign investment. In contrast to the reconstruction of Western Europe after the Second World War, there is a need not only for replacement of destroyed capital but also for the realisation of swift, radical transformation on the macro as well as the microeconomic scale, the dismantling of the rigid command structure of the economy and of society, accelerating establishment of the institutional, legal and social frameworks which make a market function, and reintegration of these economies into international economic relations. All of these problems have to be resolved in a very short time during a situation where domestic financial resources are lacking, technology is out-dated, there is a shortage of domestic managerial skills and traditional foreign markets are collapsing.

Suggested Citation

  • Vaclav Klaus, 1993. "Economic Reform in Czechoslovakia and the Role of Foreign Assistance," Palgrave Macmillan Books, in: Zuhayr Mikdashi (ed.), Financial Strategies and Public Policies, chapter 13, pages 90-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12177-9_13
    DOI: 10.1007/978-1-349-12177-9_13
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