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

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  • Edgar L. Feige

    (University of Wisconsin-Madison)

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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Bibliographic Info

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
Date of revision:
Handle: RePEc:wpa:wuwpdc:0312001

Note: Type of Document - pdf; prepared on WinXP; pages: 21
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Web page: http://128.118.178.162

Related research

Keywords: Transition; stabilization; liberalization; privatization; property rights; vouchers; Russia;

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  1. Eduardo Borensztein, 1991. "Proposals for Privatization in Eastern Europe," IMF Working Papers 91/36, International Monetary Fund.
  2. Feige, E.L., 1991. "Socialist Privatization," Papers 1a, United Nations World Employment Programme-.
  3. Edgar L. Feige, 2004. "Perestroika And Ruble Convertibility," Development and Comp Systems 0404002, EconWPA.
  4. 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.
  5. Alberto Alesina & Allan Drazen, 1989. "Why are Stabilizations Delayed?," NBER Working Papers 3053, National Bureau of Economic Research, Inc.
  6. Ickes, B.W. & Ryterman, R., 1992. "Inter-Enterprise Arrears and Financial Underdevelopment in Russia," Papers 9-92-6, Pennsylvania State - Department of Economics.
  7. Eduardo Borensztein & Manmohan S. Kumar, 1991. "Proposals for Privatization in Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 300-326, June.
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