||The topic of this paper is life and work of the economist and politician Tomáš Ježek. The basic motive is to interpret the complex image of Ježek´s life and outline his attitude regarding the privatization process in the Czech Republic from the point of view of an involved person. The first part of the work aims on both personal and business life of Tomáš Ježek as one of the most famous Czech economists. Further it analyses also Ježek´s significant research papers and texts, published in economic periodicals. The second part deals with Ježek´s attitudes and opinions to liberalism and there are presented also his translations of works of liberal foreign economists. The main attention is given on translations of a liberal economist F.A. Hayek. In the third part the privatization is analysed in the point of view of the economic situation in Czechoslovakia before the Velvet revolution in 1989 and further over the privatizational process up to the end of activity of Ministry for management of national property and his privatization. The work is rather critical to coupon privatization and the tunneling that followed. In conclusion it is a necessity to admit that the answer on the question whether the privatization was successful or not, is largely disputable. However, in the concluding evaluation, that is outlined in the end of the paper, positive aspects of privatization of the state property surely outweight the negatives.