First published in 1999. Small businesses now constitute the most
dynamic element of growth in the emerging markets of the Central
and Eastern European region. This book argues that the small and
medium sized enterprise (SME) sector has contributed more to the
growth of these countries in transition than have privatized state
enterprises and the public sector. In 1989 most of the countries of
Eastern and Central Europe were still under an economic system
dominated by state-owned enterprises. Since then a process of
liberalization has been unleashed to promote free market policies.
This has involved programs of privatization and restructuring of
public enterprises, as well as the promotion of policies to enable
a private sector to develop. Small businesses are creating
thousands of new jobs while large companies are "retrenching and
downsizing" their work force. In some countries of the region this
process is much further along than in others. However, the SME
sector has developed at a more rapid pace than has the
privatization of the large public companies. There has been a
flurry of new enterprises springing up throughout the region which
are "trickling up" in a frequently hostile environment against
tremendous odds, and yet managing to have a pronounced impact on
their respective economies. Small businesses have taken over in
sectors that used to be dominated by big enterprises, primarily in
services and consumer products. They have provided a crucial outlet
for pent-up entrepreneurial talent that had remained dormant during
the long period of state domination. This work urges legislators,
policy-makers, and development agencies alike to take account of
the importance of the SME's in their legislation and planning.
Given a more favorable environment, these small businesses will
provide even greater impetus for economic growth. Equally important
is for entrepreneurs themselves to be convinced of the rightness of
their path in societies that have traditionally looked down upon
profit-seekers as unscrupulous and selfish. If the CEE region is to
achieve its full potential of economic growth, policies and support
mechanisms to promote the SME sector will be needed to assure a
favorable environment.
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