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Enforcement of Property Rights during the Russian Transition: Problems and Some Approaches to a New Liberal Solution

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Author Info

  • Braguinsky, Serguey

Abstract

The paper examines economic inefficiency stemming from the replacement of the public property rights enforcement mechanism by private ("mafia-type") enforcement in the transitional economy of Russia. It is shown that private enforcement leads to the entrenchment of small-scale inefficient monopolies. The state becomes a vehicle for rent seeking and free loading. A simple model is employed to argue that a naive laissez-faire approach to the problem is not likely to work. The paper then argues that any attempt at a once-and-for-all institutional solution relying on coordination by a benevolent government is also basically impossible. A step-by-step incentive-based approach is advocated; in particular, the paper proposes the nonconventional libertarian idea of establishing a commercialized government property protection service, and it discusses some of its theoretical and practical aspects. The role of the devolution and competition of power is also examined. Copyright 1999 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 28 (1999)
Issue (Month): 2 (June)
Pages: 515-44

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Handle: RePEc:ucp:jlstud:v:28:y:1999:i:2:p:515-44

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Web page: http://www.journals.uchicago.edu/JLS/

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Cited by:
  1. Laura Taylor & Mary Wrenn, 2003. "Forging new relationships: Social capital in the transistion," Forum for Social Economics, Springer, vol. 33(1), pages 1-11, September.
  2. Fafchamps, Marcel & Minten, Bart, 2001. "Property Rights in a Flea Market Economy," Economic Development and Cultural Change, University of Chicago Press, vol. 49(2), pages 229-67, January.
  3. Roger Myerson & Serguey Braguinsky, 2005. "Oligarchic Property Rights and Investment," 2005 Meeting Papers 49, Society for Economic Dynamics.
  4. Jongwook Kim & Joseph T. Mahoney, 2005. "Property rights theory, transaction costs theory, and agency theory: an organizational economics approach to strategic management," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 223-242.
  5. Serguey Braguinsky & Sergey V. Mityakov, 2012. "Foreign Corporations and the Culture of Transparency: Evidence from Russian Administrative Data," NBER Working Papers 17731, National Bureau of Economic Research, Inc.
  6. Dirk Bezemer & Uwe Dulleck & Paul Frijters, 2003. "Socialism, Capitalism, and Transition-Coordination of Economic Relations and Output Performance," Vienna Economics Papers 0305, University of Vienna, Department of Economics.
  7. Catherine Hafer & Ethan Bueno de Mesquita, 2005. "Commitment Problems and the Political Economy of States and Mafias," 2005 Meeting Papers 812, Society for Economic Dynamics.
  8. Ethan Bueno De Mesquita & Catherine Hafer, 2008. "Public Protection Or Private Extortion?," Economics and Politics, Wiley Blackwell, vol. 20(1), pages 1-32, 03.
  9. Bandiera, Oriana, 2002. "Private States and the Enforcement of Property Rights - Theory and Evidence on the Origins of the Sicilian Mafia," CEPR Discussion Papers 3123, C.E.P.R. Discussion Papers.
  10. Jongwook Kim & Joseph T. Mahoney, 2002. "Resource-based and property rights perspectives on value creation: the case of oil field unitization," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(4-5), pages 225-245.

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