The paper presents data and observations related to the transition process carrying out in the Serbian economy. It exposes known concepts, efforts and difficulties encountered by the society in attempting to achive the transition results. There is also given a critical review of measures taken to date by the society in terms of implementation of privatization in our country, and estimation of their effects to privatization speed and results. Although there are positive movements in the transition of Serbian economy, it is expected that they could be better and bigger if the Government monetary and fiscal policies were less restrictive. Then, the competitiveness of our economy would also be better, because the foreign exchange policy would be different. With all that, privatization would not be just the bare change of the title, but it would be carried out by introduction of better (modern) technology.