Daniel S Fogel - Managing in Emerging Market Economies: Cases From the Czech and Slovak Republics

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Managing in Emerging Market Economies

Managing in Emerging Market Economies

Cases from the Czech and Slovak Republics

Edited by
Daniel S. Fogel
University of Pittsburgh

First published 1994 by Westview Press, Inc.

Published 2018 by Routledge
52 Vanderbilt Avenue, New York, NY 10017
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright 1994 Taylor & Francis

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data
Managing in emerging market economies: cases from the Czech and
Slovak Republics / edited by Daniel S. Fogel.
p. cm.
Includes bibliographical references.
ISBN 0-8133-1792-4. ISBN 0-8133-1793-2 (pbk.)
1. Industrial managementCzech RepublicCase studies.
2. Industrial managementSlovakiaCase studies. 3. Privatization
Czech RepublicCase studies. 4. PrivatizationSlovakiaCase
studies. 5. Czech RepublicEconomic conditions. 6. Slovakia
Economic conditions. I. Fogel, Daniel S.
HD70.C89M36 1994
658'.009437dc20 93-36052
CIP

ISBN 13: 978-0-367-00772-0 (hbk)

Contents

, Daniel S. Fogel and Suzanne Etcheverry

, Daniel S. Fogel and Suzanne Etcheverry

, Raghu Nath and Jaroslav Jirsek

, Jone Pearce and Michal akrt

, Carrie R. Leana

, Frank Hoy and Miroslav Pivoda

, Daniel S. Fogel, Mona Makhija, and Karel ebrakovsk

, John McIntyre, Lyman Porter, and Petr Wendelov

, Josephine E. Olson and Jana Matesov

, Jana Matesov and Michael H. Spiro

, Marie Pibov and George Tesar

, George Tesar and Marie Pibov

, Pandu R. Tadikamalla, Dagmar Glckaufov, and Stephen L. Starling

, Daniel S. Fogel

Guide

The Czech and Slovak Republics have experienced dramatic changes. Some people know of the peaceful "velvet" revolution in late 1989. Some have a vision of one of the great humanitarians of our times, Vaclav Havel. Others picture a unique experiment in privatization. Still others imagine a region that has an engaging charm and a major significance in world history. Many people see a divided country with lingering hopes of reunification.

My goal in writing this book is to give students, faculty, government officials, businesspeople, and others a glimpse of one of the most historic changes in the world economic scene in decades. I have focused on Czech and Slovak firms and the changes they are making to survive the emerging market economy in the Czech and Slovak Republics. My intent, as is the intent of my colleagues, is to capture significant events in cases that can be used as the basis of discussion.

Thus, one may find the reading here ideal for classrooms and boardrooms. The cases are designed to stimulate discussion and to generate questions about Central and Eastern Europe. Some cases present views of executives trying to survive in an uncertain and somewhat antagonistic world. Other cases are about organizational change and restructuringhow these changes were initiated and managed.

The writing of this book has spanned 1991-1993. The cases cut across the country's name change from Czechoslovakia to the Czech and Slovak Republics. We have tried to present a contemporary view of the two countries, but events are progressing so fast that an accurate picture is only gained by one's physical presence in the two countries.

A book such as this one is not the result of only its authors' efforts. I take this opportunity to acknowledge with heartfelt thanks the persons who have helped me: the U.S. Agency for International Development, the Mellon Foundation, Rockefeller Brothers Fund, the U.S. Information Agency, and the Czechoslovak Management Center for their financial and research support during the case writing periods. Also, much of the detailed editing was done by Heidi Rosenberg, along with help by Kasturi Natarajan at the University of Pittsburgh and with the able involvement of my colleague Suzanne Etcheverry of the Center for International Enterprise Development. I appreciate the tolerance of the Westview editors, in particular Susan McEachern's. Pat Szekely's help is inestimable, especially her patience as she tried to figure out travel arrangements, ambiguous requests, and inaudible phone connections. Also, I want to acknowledge my loving familySusan, Cristene, Jessica, and Cathywith deep and sincere gratitude beyond what my words may express.

Ultimately, a book such as this one is the responsibility of the author. But, if the reader finds flaws in its content, I ask that he or she keep in mind the advice of my hero, Vaclav Havel: "In a world of global civilization, only those who are looking for a technical trick to save civilization need feel despair. But those who believe, in all modesty, in the mysterious power of their own human Being ... have no reason to despair at all."

Daniel S. Fogel
Prague, Czech Republic

Part One
The Economic Situation of Central and Eastern Europe

Chapter One
Reforming the Economies of Central and Eastern Europe

DANIEL S.FOGEL SUZANNE ETCHEVERRY

This chapter surveys the issues facing five Central and East European countries (CEECs)Bulgaria, the former Czech and Slovak Federal Republic (CSFR), Hungary, Poland, and Romania, as they proceed with transitions to market economies. Where possible, the situation of individual countries is discussed.

A general warning is necessary. The quality of data concerning the CEECs is poor. Different sources are not always consistent with each other, which affects the accuracy of the information presented. At the same time, accurate information is often limited and outdated. All data reported in this chapter should therefore be treated with caution and interpreted with these limitations in mind. Furthermore, conditions are changing rapidly and will have changed further by the time this book appears. For example, in January 1993, the Czech and Slovak Federal Republics became two separate countries. Therefore, the general analysis of the policy issues that the CEECs face in making the transition is likely to be substantially more robust than the assessment of how much progress they have made individually.

The broad story that emerges in this chapter is one of great progress made in areas where changes are relatively easy to implement. However, it is far more difficult to make institutional adjustments necessary for a market economy to function properly. Comprehensive reform programs emphasizing macroeconomic stabilization through tight fiscal and monetary policies and liberalization of prices and trade regimes have been implemented in the former CSFR, Hungary, and Poland. Similar but less-advanced programs are also formulated for Bulgaria and Romania.

Complex institutional changes are proceeding much more slowly. State enterprises must be converted to modern business organizations that are adapted to a market environment. Financial institutions must be built to support these new organizations and provide them with the capital to function in the market. Before these changes can occur, both the enterprises and the financial institutions must be separated from the core governments; each institution's role must be redefined and the revenue base secured. When this is completed, private ownership may be introduced and extended to create an incentive structure to yield better results in maintenance and the management of assets. These drastic institutional changes, required for the transition to a market economy, make the problem of the CEECs' transformations quite different from the development problem of raising per capita incomes in poor market economies.

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