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The Czech case sheds light on the processes of curriculum making inthe post-socialist context. To explain the relationship between the macro and micro levels of curriculum development, Graeber's concept of interpretive labour is used. In the Czech Republic, from the very first days of the Velvet Revolution (November 1989), groups of citizens and teachers demanded profound change in school education but the new conservative-liberal government preferred piecemeal steps.An alternative route to radical school reform was proposed at the meso level by an alliance of health psychologists and progressive teachers, using the know-how of the World Health Organization. Schools that voluntarily joined the Healthy Schoolnetwork were expected to restructuretheir core processes by an approach similar to school-based curriculum development. This change model was adopted at the macro level,when the Social Democrats formed a government in 1998. The new Education Act mandated that each school had to develop its own curriculum using the new national framework. The analysis of policy documents paving the way for this reform, however, showsa sequence of unfulfilled plans and promises. Almost all independent evaluations have found that the essential goals of the reform have remained unfulfilled, as schools mostly created their curriculaby, for example, formally recycling the old national syllabi.As curriculum making occurs across different levels, the failed curricular reform resulted in a blame game among thelevels(the ministry, curricular agency, inspectorate, school leaders, teachers and others),with no actor accepting theirshare of the responsibilityand probably considering any lessons for future curriculum revisions.

Year 2004 was influenced by the strike in the National Hockey League. The reason of this strike was the option of adoption of the wage ceiling for the NHL players. The paper stresses the attention to the problem how to account and measure the possibility of the players’ contracts with options in the new model. We are dealing with the following hypothesis: “Is possible to use the experiences of valuation of financial options not only to ROA (Real Options Analysis) but also for valuation of players’ contracts with option?” The modified Black‐Scholes Formula is one of the possible solutions how to measure the value of the option clause.