engleski

Privatization in Croatia

Privatization in Croatia has been conceptualized as a controlled and decentralized privatization, based on the sale of former social ownership. There is no doubt that the Government controlled the process of privatization, but it was much less decentralized and based on the sale of social ownership. The political power was centralized in hands of one single political party, which ruled the country in an autocratic way. Legal and institutional framework were not set up completely, consistently and operationally. In the course of privatization the existing laws and procedures were not respected, meaning that privatization often was a criminal act. Under such conditions there was a great deal of freedom for subjective judgements and decisions, which was possible to justify by legal interpretations. The results show that the objectives of the privatization were not achieved, but it led to negative political, social and ekonomic effects.

Privatization; Investment; fund; Portfolio; Institutional framework; Coupon privatization;

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