History
Further information: Economy of CzechoslovakiaIts strong industrial tradition dates to the 19th century, when Bohemia and Moravia were the economic heartland of the Austro-Hungarian Empire. Today, this heritage is both an asset and a liability. The Czech Republic has a well-educated population and a well-developed infrastructure, but its industrial plants and much of its industrial equipment are obsolete.
According to the Stalinist development policy of planned interdependence, all the economies of the socialist countries were linked tightly with that of the Soviet Union. With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries to the east.
Read more about this topic: Economy Of The Czech Republic
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“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)