In spite of its extreme initial socio-economic handicaps, post-communist Romania has undertaken significant reforms. While still lagging behind, Romanian privatization could exhibit a rapid recovery, as the ambitious mass privatization program started as early as 1992 was recently relaunched. However, the program should be further refined if the foundations for a sustained recovery and transformation are to be laid. This article suggests some aspects of the Romanian privatization that need to be reconsidered.

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