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The Roles of the State and the Market in Establishing Property Rights

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  • Andrzej Rapaczynski
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    Abstract

    Using the experiences of Eastern Europe as an example, this article argues that, contrary to the economists' assumption that property rights are a precondition of a market economy, market institutions are often a prerequisite for a viable private property regime. Progress in the development of complex property rights in Eastern Europe, thus, cannot be expected to come primarily from a perfection of the legal system. Instead, it is more likely to arise as a market response to the demand for property rights. Indeed, legal entitlements can only be expected to become effective against a background of self-enforcing market mechanisms.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.2.87
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Perspectives.

    Volume (Year): 10 (1996)
    Issue (Month): 2 (Spring)
    Pages: 87-103

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    Handle: RePEc:aea:jecper:v:10:y:1996:i:2:p:87-103

    Note: DOI: 10.1257/jep.10.2.87
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    Cited by:
    1. Bryane Michael, 2005. "The Role of Incentive Design in Parliamentarian Anti-Corruption Programmes," Microeconomics 0511009, EconWPA.
    2. Abdul Ghafar b. Ismail & Achmad Tohirin, 2010. "Islamic law and finance," Humanomics: The International Journal of Systems and Ethics, Emerald Group Publishing, vol. 26(3), pages 178-199, May.
    3. Garrouste, Pierre, 2008. "The Handbook of New Institutional Economics, C. Ménard, M.M. Shirley (Eds.), Springer, Dordrecht, The Netherlands. 2005, 884Â +Â xi pp., $199.00, index, ISBN: 10 1-4020-2687-0," Journal of Economic Behavior & Organization, Elsevier, vol. 67(2), pages 532-536, August.
    4. Nadia Vanteeva, 2012. "The Re-Emerging Role of the State in Contemporary Russia," Transition Studies Review, Springer, vol. 19(1), pages 23-34, September.
    5. Ismail, Abdul Ghafar & Tohirin, Achmad, 2009. "Finance and Growth: The Role of Islamic Contracts," MPRA Paper 13744, University Library of Munich, Germany.
    6. Rasto Ovin, 2001. "The Nature of Institutional Change in Transition," Post-Communist Economies, Taylor & Francis Journals, vol. 13(2), pages 133-146.
    7. Katrin Elborgh-Woytek & Julian Berengaut, 2005. "Who is Still Haunted by the Specter of Communism? Explaining Relative Output Contractions Under Transition," IMF Working Papers 05/68, International Monetary Fund.
    8. Gleason, Kimberly & McNulty, James E. & Pennathur, Anita K., 2005. "Returns to acquirers of privatizing financial services firms: An international examination," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2043-2065, August.
    9. Bagrat Yerznkyan, 2012. "Institutional Economics At The Crossroads: A View From Russia," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(1), pages 27-45.
    10. Bagrat Yerznkyan, 2012. "Pluralistic Institutional Solutions Of The Problem Of Externalities," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 73-86.
    11. Peter Gordon & Lanlan Wang, 2004. "Does Economic Performance Correlate with Big Government?," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 192-221, August.
    12. McNulty, James E. & Harper, Joel T. & Pennathur, Anita K., 2007. "Financial intermediation and the rule of law in the transitional economies of Central and Eastern Europe," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(1), pages 55-68, March.
    13. Frank Wykoff, 2001. "Creating Capitalism: Politics, Reforms, and Economic Performance," Claremont Colleges Working Papers 2001-17, Claremont Colleges.
    14. Jennifer Tobin & Susan Rose-Ackerman, 2003. "Foreign Direct Investment and the Business Environment in Developing Countries: the Impact of Bilateral Investment Treaties," William Davidson Institute Working Papers Series 587, William Davidson Institute at the University of Michigan.
    15. Enrico Colombatto, 2006. "Law, Economics and the Institutional Approach to Development and Transition: towards an Evolutionary Perspective," ICER Working Papers 7-2006, ICER - International Centre for Economic Research.

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