Perestroika And Socialist Privatization: What Is To Be Done? And How?

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Perestroika And Socialist Privatization: What Is To Be Done? And How?

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Edgar L. Feige (University of Wisconsin-Madison)

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Edgar L Feige

Abstract

This paper examines the question of whether a communist nation, characterized by state ownership of the means of production and a centrally planned command system of allocation can be transformed into an efficient market oriented economy without fully compromising the socialist ideals of an egalitarian society that insures a high degree of economic security for its citizens. In short, is it possible, for the first time in history, to create a capitalistic society on the foundation of an egalitarian distribution of income and wealth? I propose a sequential set of stabilization, privatization and liberalization policies designed to provide the necessary, albeit not sufficient conditions for a transition to a market economy that minimizes the costs of adjustment by providing a social safety net in the form of an initial equalitarian distribution of a considerable portion of the state’s current ownership of the means of production. To be published in Comparative Economic Studies Vol. XXXII, No.3 Fall 1990

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Paper provided by EconWPA in its series Development and Comp Systems with number 0312002.

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Length: 53 pages
Date of creation: 08 Dec 2003
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Handle: RePEc:wpa:wuwpdc:0312002

Note: Type of Document - pdf; prepared on WinXP; pages: 53
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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

This paper has been announced in the following NEP Reports:

NEP-ALL-2003-12-14 (All new papers)
NEP-TRA-2003-12-14 (Transition Economics)

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