Transformation of Ownership Relations after the Velvet Revolution Seen as a Social and Economic Innovation of the 7th Order

This article pays attention to a unique process at the beginning of the 1990s, representing a principal change to the social and economic reality in Czechoslovakia during that period. After the ?Velvet Revolution? resulted in the collapse of the communist political system, it was essential to change the economic environment and to re-establish a market economy. One of its foundations was the transformation of ownership relations. At the centre of attention in regard to these new relations was ?Czechoslovak voucher privatization?. Regarding its character and results, the process can be labeled an economic innovation of the 7th order.