When financial historians come to write about the Czech economy in the 1990s they may pick one of the following clichés to describe it: “the lost decade”, “the invisible revolution”, “the Prague winter”. Any of these would describe how eastern Europe’s most promising economy after the collapse of communism has, by way of incestuous politics and bad management, ended up as an also-ran. A damning report by the European Union, which singled out the Czech Republic as the only applicant among six that needed to make serious economic progress towards accession, fittingly sums up the last 10 years.
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