Analyzing the transformation of the Czech, or Czechoslovak, economy presents a multifaceted challenge. Initially, the analysis includes a concise introduction to the centrally planned economic system, exploring its operations, benefits, and the significant shortcomings that emerged prominently by the late 1980s. The Czechoslovak economy occupied a unique position among CoMECon countries, characterized by dual exports, minimal indebtedness, and a robust industrial foundation. The discussion of the transformation process begins within an international framework, noting that economic transformations have historically unfolded in diverse settings and have been marked by varying economic strategies. It is essential to recognize that the transformation of the Czechoslovak, or Czech, economy occurred against the backdrop of globalization and within the framework of the neoliberal doctrine, as articulated by the Washington Consensus. Key components of this transformation included the privatization and liberalization of the domestic economy and trade. These aspects receive significant attention and highlight that transformation marked a critical juncture in socio-economic development and established the trajectory for future growth. The decisions made in the early 1990s continue to exert influence over the Czech economy, affecting aspects such as the ownership structure and exchange rate settings. Overcoming these influences poses considerable challenges. The lessons from the transformation period extend beyond mere resignation to the outcomes of that era. They serve as vital insights, particularly in a context where it is evident that the model reliant on the influx of foreign capital has reached its limits and that the current international environment significantly differs from that of the 1990s.