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The Transition to a Market Economy in Russia: Property Rights, Mass Privatization and Stabilization

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Author Info
Edgar L. Feige (University of Wisconsin-Madison)

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Abstract

The Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented restructuring as they move inexorably from centrally planned economies toward market economies. This historic transition must be guided by a coherent set of stabilization policies to reduce the threat of macroeconomic collapse and the threat of inflation. As a precursor to price liberalization, private property rights must be created, distributed and credibly enforced in order to ensure that these rights can be freely traded at market prices. The creation and distribution of property rights must find a balance between the competing goals of equity on the one hand and efficient governance structures on the other. Finally, provision must be made for a social safety net, sufficiently broad to minimize the short run burden of an inevitably costly adjustment process in order to avoid a crisis of constitutional authority. A program of “Socialist Privatization” is proposed as a political means of establishing market capitalism on the basis of an equitable distribution of wealth.

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Paper provided by EconWPA in its series Development and Comp Systems with number 0312001.

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Length: 21 pages
Date of creation: 08 Dec 2003
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Handle: RePEc:wpa:wuwpdc:0312001

Note: Type of Document - pdf; prepared on WinXP; pages: 21
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Web page: http://129.3.20.41

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Related research
Keywords: Transition stabilization liberalization privatization property rights vouchers Russia

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Find related papers by JEL classification:
P1 - Economic Systems - - Capitalist Systems
P2 - Economic Systems - - Socialist Systems and Transition Economies
P3 - Economic Systems - - Socialist Institutions and Their Transitions
O1 - Economic Development, Technological Change, and Growth - - Economic Development
O2 - Economic Development, Technological Change, and Growth - - Development Planning and Policy
D7 - Microeconomics - - Analysis of Collective Decision-Making
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
H1 - Public Economics - - Structure and Scope of Government

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ickes, B.W. & Ryterman, R., 1992. "Inter-Enterprise Arrears and Financial Underdevelopment in Russia," Papers 9-92-6, Pennsylvania State - Department of Economics.
  2. Edgar L. Feige, 2004. "Perestroika And Ruble Convertibility," Development and Comp Systems 0404002, EconWPA. [Downloadable!]
  3. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December. [Downloadable!] (restricted)
  4. Eduardo Borensztein, 1991. "Proposals for Privatization in Eastern Europe," IMF Working Papers 91/36, International Monetary Fund.
  5. Alesina, A. & Drazen, A., 1991. "Why Are Stabilizations Delayed?," Papers 6-91, Tel Aviv - the Sackler Institute of Economic Studies.
    Other versions:
  6. Feige, E.L., 1991. "Socialist Privatization," Papers 1a, United Nations World Employment Programme-.
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