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Georgia: Enterprise Privatization
Country Study > Chapter 6 > The Economy > Economic Reform > Enterprise Privatization

ENTERPRISE PRIVATIZATION


Another key element of economic reform, privatization of state enterprises, was stifled under Gamsakhurdia. He feared that the "economic mafia," which already owned a significant share of the nation's wealth, would use that wealth to accumulate state assets. Rapid growth had already occurred in the private retail sector, however, once cooperative enterprises began expanding in 1988. In 1990-91 privately run "commercial shops" began proliferating, often in place of state stores. Typically, these shops offered consumer goods brought from Turkey and resold at very high prices. The Law on Privatization of State Enterprises was adopted in August 1991 to outline general principles, and the Committee on Privatization was established in 1992. Under Shevardnadze, privatization began cautiously in August 1992 when the State Council adopted the State Program on the Privatization of State Enterprises. The law copied Russia's approach to privatization by providing for several methods, including "popular privatization," consisting of a combination of vouchers distributed to the public and auctions of state enterprises. The country's political crises delayed meaningful measures, however. By 1993 few Georgian industries had been privatized, although large numbers of small enterprises were scheduled for privatization in 1993 and 1994.

Data as of March 1994




Last Updated: March 1994


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Georgia was first published in 1994. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

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