An Attempt At Crisis Management And The Failure Of The Spontaneous Privatization

Abstract

This article reports a study of "transformation without privatization": a case of Ganz Danubius, a large, state-owned shipbuilding company in Hungary. The story begins with privatization plans held by the top managers, contin ues to describe their failure, the intervention of the state and the subsequent bankruptcy of most companies. The analysis focuses on both the reasons for and the consequences of the developments which can be seen as typical of many large, state-owned, Hungarian companies.