If I understand the history correctly, following the 1989/1990 protests in Ulaanbaatar, the MPRP made great concessions to protesters. Thus, even though the party got re-elected, hardliners got replaced with moderates and they had to follow policies such as liberalization and privatization.
Apparently, despite the fact that most Mongolians did not have any knowledge about businesses, every citizen was given a certain amount of vouchers to be used for privatization. Not only do I have problems imagining how this was organized, how it worked/played out, but what were the short-term and long-term consequences of this?
I had the privilege of meeting Elbegdorj Tsakhiagiin in 2003. He felt that the privatization of Mongolia was largely a success. Despite some small problems with corruption and hard lining from conservatives most people welcomed the chance for private ownership. Because the people didn't understand business they had a tendency to invest in what they did know which was the industry or company they worked for. Most of the vouchers were used to buy shares by people who worked for the companies. Most small enterprises and farms were bought by families friends and neighbors. Larger companies were bought by workers and by mutual funds created for those who couldn't decide on where to invest.
The market for their goods had not changed as Mongolia is landlocked between Russia and China. Most of the workforce hadn't changed so for many people business continued just as it had before privatization.
Most people opposing privatization began to support it as Russia's economy collapsed and western money became more important both in aid and in limited trade. In 2003 Elbegdorj was pushing for tourism from the United States and Europe to help Mongolia's economy. He said that many cottage industries had developed to introduce the west to "The Land of Chingis Khan."