Transformation of the Czech Republic
Communist period (1948 ­ 1989)
- totalitarian system
- inefficient
- social guarantees
- central-planned economy
Transformation:
ˇ totalitarian system into the democratic system
ˇ central-planned economy into the market economy
Economic transformation:
- liberalization of prices and foreign trade
- internal convertibility of the currency
- privatisation programs
- restrictive monetary and financial policy of the state
- tax reform