Editing Privatization (section)

==Foreign privatization==
Due to low levels of native [[capital accumulation]] in the former Central and Eastern Europe, the rapid privatization preferred by international institutions ([[EBRD]], [[IMF]], [[World Bank]]) and other foreign banks was a ''de facto'' call for international bidding, reflecting the assumption that foreign investment would play a major role.<ref>{{Cite book |url=https://books.google.com/books?id=N6AESa9YazMC&pg=PA116 |title=Mitchell Alexander Orenstein, Stephen R. Bloom, Nicole Lindstrom, University of Pittsburgh Press, 2008, ''Transnational Actors in Central and East European Transitions'', pp. 116–117 |isbn=9780822973447 |access-date=2022-09-28 |archive-date=2022-12-04 |archive-url=https://web.archive.org/web/20221204101820/https://books.google.ro/books?id=N6AESa9YazMC&pg=PA116 |url-status=live |last1=Orenstein |first1=Mitchell Alexander |last2=Bloom |first2=Stephen R. |last3=Lindstrom |first3=Nicole |year=2008 |publisher=University of Pittsburgh Pre }}</ref>

===Contrasting cases in Eastern Europe: Romania and East Germany===
In post-[[German reunification|reunification]] East Germany, by the end of June 1992, the ''[[Treuhandanstalt]]'' had privatized 8,175 companies, with 5,950 left on hand (4,340 remaining to be sold and the remainder to be liquidated).<ref>{{Cite book |url=https://books.google.com/books?id=pe6JAgAAQBAJ&pg=PA588 |title=Ian Jeffries, Routledge, May 27, 1993, ''Socialist Economies and the Transition to the Market: A Guide'', p. 588 |isbn=9781134903603 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101726/https://books.google.ro/books?id=pe6JAgAAQBAJ&pg=PA588 |url-status=live |last1=Jeffries |first1=Ian |date=27 May 1993 |publisher=Routledge }}</ref> June 1992 was also when the last East German on the board of the ''Treuhand'' left.<ref>{{Cite book |url=https://books.google.com/books?id=n6a4CQAAQBAJ&pg=PA106 |title=Volker Schneider, Burkard Eberlein, Springer, May 26, 2015, ''Complex Democracy: Varieties, Crises, and Transformations'', p. 106 |isbn=9783319158501 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101726/https://books.google.ro/books?id=n6a4CQAAQBAJ&pg=PA106 |url-status=live |last1=Schneider |first1=Volker |last2=Eberlein |first2=Burkard |date=26 May 2015 |publisher=Springer }}</ref> By the end of 1994, ''Treuhand'' had sold almost everything, having only 65 firms left to privatize as of December 1994. More than 80% of the privatized businesses were bought by foreigners (chiefly West Germans – 75%).<ref>{{Cite book |url=https://books.google.com/books?id=zXsMgTVgM_QC&pg=PA187 |title=Padma Desai, MIT Press, 1997, ''Going Global: Transition from Plan to Market in the World Economy'', p. 187 |isbn=9780262041614 |access-date=2022-09-28 |archive-date=2022-12-04 |archive-url=https://web.archive.org/web/20221204101726/https://books.google.ro/books?id=zXsMgTVgM_QC&pg=PA187 |url-status=live |last1=Desai |first1=Padma |year=1997 |publisher=MIT Press }}</ref>

Romania's first privatization took place on 3 August 1992.<ref>{{Cite book |url=https://books.google.com/books?id=-G3qDAAAQBAJ&pg=PA185 |title=Roger East, Jolyon Pontin, Bloomsbury Publishing, Oct 6, 2016, ''Revolution and Change in Central and Eastern Europe: Revised Edition'', p. 185 |isbn=9781474287487 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101726/https://books.google.ro/books?id=-G3qDAAAQBAJ&pg=PA185 |url-status=live |last1=East |first1=Roger |last2=Pontin |first2=Jolyon |date=6 October 2016 |publisher=Bloomsbury }}</ref> There was "very little" privatization during 1992: only 22 state-owned enterprises were privatized. The pace picked up throughout the following year, with more than 260 companies privatized.<ref>{{Cite book |url=https://books.google.com/books?id=3ml1NgjOJs8C&pg=PA95 |title=Stephen D. Roper, Routledge, Aug 2, 2004, ''Romania: The Unfinished Revolution'', p. 95 |isbn=9781135287580 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101727/https://books.google.ro/books?id=3ml1NgjOJs8C&pg=PA95 |url-status=live |last1=Roper |first1=Stephen D. |date=2 August 2004 |publisher=Routledge }}</ref> Four of the 22 enterprises privatized in 1992 were sold to foreign investors.<ref>{{Cite book |url=https://books.google.com/books?id=v_co0exeiMYC&pg=PA88 |title=Liliana Pop, Manchester University Press, Sep 19, 2006, ''Democratising Capitalism?: The Political Economy of Post-Communist Transformations in Romania, 1989–2001'', p. 88 |isbn=9780719070945 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101800/https://books.google.ro/books?id=v_co0exeiMYC&pg=PA88 |url-status=live |last1=Pop |first1=Liliana |date=19 September 2006 |publisher=Manchester University Press }}</ref> In 1993, 265 companies were privatized, followed by 604 in 1994. Two companies were sold to foreign investors during this period, one each in 1993 and 1994. At the start of 1999, 4,330 companies were left to be privatized, with 5,476 having been sold during 1993–1998.<ref>{{Cite book |url=https://books.google.com/books?id=JKfWAgAAQBAJ&pg=PA64 |title=OECD, OECD Publishing, Oct 29, 2002, ''OECD Economic Surveys: Romania 2002'', p. 64 |date=29 October 2002 |publisher=OECD |isbn=9789264194120 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101727/https://books.google.ro/books?id=JKfWAgAAQBAJ&pg=PA64 |url-status=live }}</ref> At the end of 1998, only 2.4% of privatized companies had foreign participation.<ref>{{Cite book |url=https://books.google.com/books?id=SyOzJaYLxN0C&pg=PA94 |title=Roderick Martin, OUP Oxford, Mar 28, 2013, ''Constructing Capitalisms: Transforming Business Systems in Central and Eastern Europe'', p. 94 |isbn=978-0-19-965766-7 |access-date=September 28, 2022 |archive-date=December 4, 2022 |archive-url=https://web.archive.org/web/20221204101727/https://books.google.ro/books?id=SyOzJaYLxN0C&pg=PA94 |url-status=live |last1=Martin |first1=Roderick |date=28 March 2013 |publisher=OUP Oxford }}</ref>