From the earliest days of Azerbaijan's independence, the country had a vigorous, small-scale private economy whose most urgent need was unambiguous legislation that would legitimize its operations and allow expansion. A privatization law passed in January 1993 was not implemented fully in the year followiÍÍÍÍng. Privatization plans envisioned sales, auctions, and joint stock enterprises. Small retail establishments would be privatized by auction, and medium-sized and large enterprises would be privatized by a combination of auctions and joint stock programs. Retail establishments were supposed to be privatized fully by the end of 1993, but this goal was not met. Housing was also to be privatized by transferring ownership to the present tenants. At the end of 1993, land redistribution was stalled by disagreement over the choice between private ownership and long-term leaseholding over optimum terms for either of those arrangements and over the distribution of agricultural equipment.

Data as of March 1994