The Redistribution of Property Rights, Corporate Governance and Company Restructuring after Privatisation"

The project covered the main issues of privatisation, corporate governance and company restructuring after privatisation in Hungary and in the Russian Republic, together with a summary of the broader picture of company-level changes in Central and Eastern Europe, discussing the issues of micro-financial restructuring in the Czech Republic, Hungary, Poland and Slovakia. The two countries selected as the focus of research can be regarded as the two most widely differing cases of the economic transformation in Central and Eastern Europe. Hungary began its transition very early in 1989, while Russia was very late in doing so. Hungary first implemented a series of institutional and systemic reforms before stabilising its public finances, while Russia has struggled with financial stabilisation for years without great success. Company restructuring and the introduction of new forms of governance only began in Russia in the mid-1990s. Hungary opted for "traditional" western methods of privatisation and invited a large amount of foreign direct investment (FDI) while in Russia the bulk of state-owned property was privatised either by free distribution or by a strange blend of ESOP-MBO schemes. FDI in Russia remained modest because of the high risk and uncertainty surrounding economic transactions there. Hungary was a forerunner in privatising public utilities, while Russia has moved cautiously in this area. The group's studies show that the Hungarian economy is now over the "transformation recession" and its economic success is largely due to its successful privatisation and to the dominant participation of foreign investors in company take-overs and in the restructuring process. The study of Russia provides a comprehensive account of the main factors in the so-far modest results in Russian privatisation and economic transformation.

Pedagogical Aspects of Sustainable Development"

The project produced three main sets of results. The first is related to the conception of ecological education, the second to an investigation of the current situation in ecological education in secondary schools in the Czech Republic, and the third presents ways and means of improving ecological education in schools. Kvasnickova first developed ideas on attitudes to the environment, clarified the term "ecological education" and carried out a methodological analysis of the systematic conception of ecological education, She then investigated the current situation of such education in various types of secondary schools throughout the country. Her results showed that the main problems of ecological education are the lack of an integrated approach to such education, the inadequate preparation of teachers and the lack of information in the area. During the project, she ran many seminars to increase teachers' qualifications for ecological education and prepared various textbooks, methodological guides and teaching aids.