Privatization In Kosovo Essay

1901 words - 8 pages

The recent announcement of privatization of national resources and enterprises in Kosovo has sparked a great deal of debate. While the government is preparing to put on the market some of the most important national assets in hopes of creating better economic prospects, questions have arisen about the rationale of this decision. Seen from the perspective of different schools of thought in Kosovo, privatization is considered to be either absolutely necessary, or too dangerous. It is our way either to a modern, developed and prosperous economy, or to increased unemployment, poverty and social plight. Dilemmas about privatization are nothing new to the countries of South Eastern Europe and the rest of the developing world. Results belong to the two extremes, too, countries that won their battle with privatization, such as Czech Republic have increased their national wealth, others are still facing raising numbers of unemployed and social problems which result from the redistribution of the capital. On the other hand, the privatization of the many social enterprises that Kosovo inherited as a post-socialist country has not been the most successful. Privatization lacked a sound legal base, few of the enterprises have been able to achieve the desired results, and few employees have received compensation from the liquidation of these enterprises (“Privatization in Kosovo” 16-39). While some people support the absolute privatization of Kosovo’s national assets, others completely oppose such an agenda and still others are willing to agree to the selling of some of these entities.
Those who support privatization argue that it is the best way to eliminate public subsidies, and to increase the efficiency of the enterprises. In modern societies state ownership has been criticized for a variety of reasons, including lack of commitment of the state to govern the enterprises in the best possible way, low budgets that states are ready to commit to the companies, as well as cases of moral hazard and limited control over the companies that the state can exercise (Martimort 7-9). On the other hand, arguments in support of privatization include an increase in economic efficiency, fair distribution of wealth, as well as a better model of governance of the enterprises. A country which is taken as a success story in privatization is Slovenia. Slovenia is now very successful with a higher economic growth and greater stability than other ex-Yugoslavian countries, accompanied by internal and external balance, low unemployment rate, and decreasing inflation (Mencinger 1-26). Another country which has flourished its economy after privatization is Czech Republic. Its advantage was that it decided to choose the fast track of privatization. So far it has surpassed not only the former socialist countries of South Eastern Europe (Sabirianova, Svejnar, and Terrell 2) but before the last financial global crises it was even successfully competing against the world’s flourishing...

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