Russia's Warped Transition: The Destructive Consequences of Ethically Unconstrained Utility Seeking
AbstractThe Russian transition economy is best understood as a system that decriminalizes all power-seeking behaviors proscribed by textbook general competition. It is failing because the government sanctions oligopoly, monopoly, asset-grabbing, rent-seeking, elite misappropriation of state funds, the mis-administration of state assets, the mis-regulation of the private sector, and the forced suppression of competition. The efficiency losses caused by these abuses are examined in the factor, product, finance, distribution, and redistribution markets. The analysis suggests that the Russian economy won't recover until it empowers competitive efficiency and recriminalizes private and social exploitation.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 25 (1999)
Issue (Month): 4 (Fall)
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Find related papers by JEL classification:
- P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
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