Detailed research has been undertaken depicting the dominant models of national production regimes in the Western hemisphere. In the core of these debates on ‘varieties of capitalism’ the role of institutions and the path-dependent nature of socio-economic changes are discussed. Few attempts, however, have been made to classify the newly evolving market economies in Central Eastern Europe, where new economic and political institutions were created after the revolutions in 1989. In this study the author takes up the challenge to answer the question what type of capitalism is evolving in the course of the transformation processes in post-socialist countries, namely the Czech Republic? Which model has influenced political choices and what is the final outcome?