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Research Paper (undergraduate) from the year 2011 in the subject Economics - History, grade: A+, University of Toronto, language: English, abstract: The paper’s organization is as follows. First we discuss what we mean by transition, “big bang”, and “gradual” and we clear up the discrepancy in the literature regarding whether or not the Czech experience adhered to “big bang” or “gradualism” (it used both in fact). Second, we discuss the inefficiencies in the Czech experience: employment, strategy, and finances, which showed up in the gradual phases of transition. Third, we discuss the Czech Republic’s reaction to these inefficiencies. Fourth, we analyze the significance of setting. Fifth, we conclude by comparing the Czech experience to other post-communist countries and by discussing what comes next.