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The article discusses two basic conceptions of transformations, the shock therapy and gradualist conception, which influenced the first scenarios of the economic reform in the Czecho-Slovak Federal Republic (CSFR). The so-called shock therapy and the gradualist approach appeared at the beginning of the nineties. The recent course of reformation revealed that both approaches were one-sided, some measures had to be taken radically, other processes can be "realized" only within a longer period. The second part desorities the arguments over the conception of economic reform in the former CSFR, which were reflected in two opposite scenarios, the so-called Komárek's and Klause's ones. In spite of their differences, both scenarios demonstrated some common shortcomings. In the next part main results of the first phase of transformation, which by far did not fulfill initial expectations, are reviewed. In spite of some assets the debits of transformation prevail. The author attempts to explain the specialities of the new phase of economic transformation, in which it is inevitable to go over to the real transformation which is going to be a relatively long-time process.