• Милан Лакићевић Faculty of Economics Podgorica - University of Montenegro


privatization, state interventionism, liberalism, transition


Privatization has been the most significant global phenomenon during the last three decades. This process is not typical only for the countries of former socialism, but also for the countries with developed commercial economy. Which property is economically more efficient – private or state owned? There is no agreement among economic theorists regarding this issue. One opinion prevails, so far at least, that private ownership is a sound foundation of economic life and thus the systems based upon the state or social ownership mainly disappeared from the
historical scene. Basic aim of privatization is raising the economic efficiency of corporate entities. At the same time, together with aspiration to achieve better efficiency, a request and necessity for ensuring social equality arouse. It is impossible to achieve both of these aims, having in mind the fact that economic efficiency and social equality (justice) represent conflict objectives. Due to that reason, a state, as a holder of the process of privatization, must deal with its conducting carefully, skillfully balancing between the aspiration to increase the economic efficiency and encourage economic growth and development, and at the same time to preserve the employment without arousing deeper social changes and differences. Even after two decades after starting the process of privatization in former states of ex Yugoslavia, it is very difficult to utter more qualitative assessments about its success. So far, we can conclude with certainty the following:

- The process is still ongoing with frequent changing of systematic approach and combining methods and models,

- The process brought to affirmation of marketing principles and private ownership as basic postulates on which newly formed systems of countries in transition are based

- In most countries of former socialist warehouse, privatization brought to big social differences and significant loss of place and role of the country in managing important natural resources.

On the other hand, it is completely disputable in what extent the privatization brought to raising the efficiency of productivity and how big the developing potential it initiated. However it is discussed about the privatization as the most significant economic process, there is no doubt that it is at the same time a political phenomenon, a means of skillful balancing the political and economic power in the function of preserving the political domination, and at the same time an important instrument of establishing economic and political hegemony by powerful creators of the new global order.


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How to Cite

Лакићевић, М. . (2011). FACE AND REVERSE SIDE OF PRIVATIZATION. Acta Economica, 9(15), 51–77. Retrieved from https://ae.ef.unibl.org/index.php/ae/article/view/183



Review article