Introduction 6

1. Growth of the private sector, 1990–1994 9

2. The shrinkage of state-owned enterprises, 1990–1994 13

3. What this volume of Seminar Proceedings is about 16

References 18

Chapter 1. Privatisation under the Shadow of Vested Interests 20

Introduction 20

1.1. The goals of privatisation 21

1.2. How the privatisation proceeded 22

1.3. Quantitative and structural results of privatisation 26

1.4. Privatisation trajectory: causes and consequences 29

Summary 34

References 35

Chapter 2. Privatisation Stock in Poland in International Comparisons 37

2.1. Introductory remarks 37

2.2. The problem of defining a state-owned enterprise 38

2.3. Assumptions for empirical studies 40

2.4. Comparative analysis: share of SOEs in Poland and in selected groups of countries 42

2.5. Conclusions 46

2.6. The proposal of privatising through deregulation 47

References 50

Chapter 3. State owner – management – enterprise. A discretionary utility triangle? 51

Introduction 51

3.1. The State as enterprise owner – is it worth fighting over? 52

3.2. Reasons for and consequences of maintaining state ownership of enterprises 60

Summary 64

Authors’ Biographical Notes 67

The List of Previous mBank – CASE Seminar Proceedings 70