Privatization was one of the largest reform processes in the countries of Central and Southeastern Europe. In the economic literature, privatization in countries in transition is seen as an integral part of the process of liberalization and stabilization of the economy, which transfers property rights from the state to private entities. The main goal of privatization should be to increase the efficiency of business operations through better management, lower operating costs and increased competitiveness. The main problem that arose before the creators of the economic policy of countries in transition in the case of privatization was, among other things, how to transfer the ownership of the largest part of companies in an economy in which there is no private savings and not enough foreign direct investments into private hands. The paper presents the methods of company privatization, market reactions, the level of employment, and finally, the transition of this part of Europe was compared with the events characteristic of Serbia.