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Redefining Property Rights with Specific Reference to Social Ownership in Successor States of Former Yugoslavia: Did it Matter for Economic Efficiency?

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  • Mulaj, Isa

Abstract

High economic growth rates after World War II characterized both socialism and capitalism. There have been impressive results in the former socialist block, Western Europe, USA, and Japan. Apart from these models based on private (capitalist) and state (socialist) ownership, the fastest economic growth in the world for some time was recorded in former Yugoslavia under social ownership with no specific owner having full ownership rights. The issue of property rights despite being subject to comparative analysis, did not matter much. After social ownership was privatized, the effects were not only as they were expected to be, but the countries like those that emerged from former Yugoslavia have yet to cope and strive for greater efficiency than before. This paper looks at the redefinition or privatization of social ownership in successor states of former Yugoslavia, and identifies the causes of smaller effects than expected of this redefinition.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 243.

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Date of creation: 06 May 2006
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Handle: RePEc:pra:mprapa:243

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Keywords: property rights; social ownership; privatization; former Yugoslavia;

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References

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  1. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 12(4), pages 133-150, Fall.
  2. Marko Simoneti & Aleksandra Gregoric, 2004. "Managerial ownership and corporate performance in Slovenian post-privatisation period," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(2), pages 217-241, December.
  3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
  4. Vodopivec, MIlan, 1993. "Determination of Earnings in Yugoslav Firms: Can It Be Squared with Labor Management?," Economic Development and Cultural Change, University of Chicago Press, University of Chicago Press, vol. 41(3), pages 623-32, April.
  5. Gérard Roland, 2004. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 026268148x, December.
  6. Jensen, Michael C & Meckling, William H, 1979. "Rights and Production Functions: An Application to Labor-managed Firms and Codetermination," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 52(4), pages 469-506, October.
  7. Ellman M., 1994. "Transformation, Depression, and Economics: Some Lessons," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 1-21, August.
  8. Isa Mulaj, 2005. "Delayed Privatization in Kosovo: Causes, Consequences, and Implications in the Ongoing Process," Law and Economics, EconWPA 0511001, EconWPA.
  9. Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 33(01), pages 16-27, March.
  10. Daniel Friesner & Robert Rosenman, 2002. "A Dynamic Property Rights Theory of the Firm," International Journal of the Economics of Business, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(3), pages 311-333.
  11. Andreja Bohm & Joze P. Damijan & Boris Majcen & Marko Rems & Matija Rojec & Marko Simoneti, 2001. "Secondary Privatization in Slovenia: Evolution of Ownership Structure and Company Performance Following Mass Privatization," CASE Network Reports 0046, CASE-Center for Social and Economic Research.
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Cited by:
  1. Mulaj, Isa, 2009. "Self-management socialism compared to social market economy in transition: Are there convergent paths?," Discourses in Social Market Economy 2009-08, OrdnungsPolitisches Portal (OPO).

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