What is the Velvet Revolution?
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In late 1989, massive antigovernment demonstrations in Prague were at first suppressed by the police, but as democratization swept through Eastern Europe, the Communist party leadership resigned in November. In December, a new, non-Communist cabinet took over, and the playwright and former dissident Václav Havel was elected president. Under Communist rule, Czechoslovakia had a Soviet-style planned economy in which its highly developed industry as well as trade, banking, and agriculture were under state control. In 1990, the nation began the transition to a market economy with a broad program designed to encourage private enterprise and outside investment. The "Velvet Revolution" was successfully completed with the departure of the last Soviet troops in May, 1991, and a free parliamentary election in June, 1992.
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