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>In Czechoslovakia, shortly after the Velvet Revolution, there were many. The justice system didn't understand the new economic system and wasn't capable to dea

>In Czechoslovakia, shortly after the Velvet Revolution, there were many. The justice system didn't understand the new economic system and wasn't capable to deal with cheaters. Our prime minister, Vaclav Klaus, had the opinion - free markets are of primary importance and the justice system is secondary. What happened during the era (before we passed enough laws to be compatible with EU) was just huge "gold rush" of embezzlement. That's quite interesting, considering the economics literature says that the strength and consistency of the law is a crucial component of making a market economy successful, often more so than the mere number of firms in the marketplace!

asgard1024 11y ago
> considering the economics literature says that the strength and consistency of the law is a crucial component of making a market economy successful Unfortunately, in large parts of Eastern Europe, this advice was ignored. In reality, the main right wing (or pro-market) parties fought tooth and nail against any sort of regulation (to be fair there were couple individuals who were exceptions). And to this day, pro-market supporters vote for some of these, so it's not like they are too unhappy about it. It's much like the difference between communist rhetoric and practice.