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The Roles of the State and the Market in Establishing Property Rights

Author

Listed:
  • Andrzej Rapaczynski

Abstract

Using the experiences of Eastern Europe as an example, this article argues that, contrary to the economists' assumption that property rights are a precondition of a market economy, market institutions are often a prerequisite for a viable private property regime. Progress in the development of complex property rights in Eastern Europe, thus, cannot be expected to come primarily from a perfection of the legal system. Instead, it is more likely to arise as a market response to the demand for property rights. Indeed, legal entitlements can only be expected to become effective against a background of self-enforcing market mechanisms.

Suggested Citation

  • Andrzej Rapaczynski, 1996. "The Roles of the State and the Market in Establishing Property Rights," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 87-103, Spring.
  • Handle: RePEc:aea:jecper:v:10:y:1996:i:2:p:87-103
    Note: DOI: 10.1257/jep.10.2.87
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.2.87
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    Cited by:

    1. Garrouste, Pierre, 2008. "The Handbook of New Institutional Economics, C. Ménard, M.M. Shirley (Eds.), Springer, Dordrecht, The Netherlands. 2005, 884Â +Â xi pp., $199.00, index, ISBN: 10 1-4020-2687-0," Journal of Economic Behavior & Organization, Elsevier, vol. 67(2), pages 532-536, August.
    2. Katrin Elborgh-Woytek & Julian Berengaut, 2005. "Who is Still Haunted by the Specter of Communism? Explaining Relative Output Contractions Under Transition," IMF Working Papers 05/68, International Monetary Fund.
    3. Gleason, Kimberly & McNulty, James E. & Pennathur, Anita K., 2005. "Returns to acquirers of privatizing financial services firms: An international examination," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2043-2065, August.
    4. Jennifer Tobin & Susan Rose-Ackerman, 2003. "Foreign Direct Investment and the Business Environment in Developing Countries: the Impact of Bilateral Investment Treaties," William Davidson Institute Working Papers Series 587, William Davidson Institute at the University of Michigan.
    5. Boettke Peter J. & Butkevich Bridget I., 2001. "Entry and Entrepreneurship: The Case of Post-Communist Russia," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(1), pages 1-26, March.
    6. Kossykh Yulia & Sarychev Andrey, 2000. "Tales of Contract Enforcement in Transition," EERC Working Paper Series 98-267e, EERC Research Network, Russia and CIS.
    7. Peter Gordon & Lanlan Wang, 2004. "Does Economic Performance Correlate with Big Government?," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 192-221, August.
    8. Patibandla, Murali, 2006. "Equity pattern, corporate governance and performance: A study of India's corporate sector," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 29-44, January.
    9. McNulty, James E. & Harper, Joel T. & Pennathur, Anita K., 2007. "Financial intermediation and the rule of law in the transitional economies of Central and Eastern Europe," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(1), pages 55-68, March.
    10. Stacey, Brian, 2016. "The Effects of Non-Existent Property Ownership Rights Within the Electricity Production Sector on Labor Force Participation in the Dominican Republic," MPRA Paper 80251, University Library of Munich, Germany.
    11. Abdul Ghafar b. Ismail & Achmad Tohirin, 2010. "Islamic law and finance," Humanomics: The International Journal of Systems and Ethics, Emerald Group Publishing, vol. 26(3), pages 178-199, August.
    12. Bryane Michael, 2005. "The Role of Incentive Design in Parliamentarian Anti-Corruption Programmes," Microeconomics 0511009, EconWPA.
    13. Peter T. Leeson, 2003. "Contracts Without Government," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 18(Spring 20), pages 35-54.
    14. Frank Wykoff, 2001. "Creating Capitalism: Politics, Reforms, and Economic Performance," Claremont Colleges Working Papers 2001-17, Claremont Colleges.
    15. Avdasheva Svetlana & Rozanova Nadezhda, 1999. "Analysis of Structural Development of Petroleum and Sugar Markets in the Russian Economy," EERC Working Paper Series 99-01e, EERC Research Network, Russia and CIS.
    16. Régis Chavigny, 1997. "Économies en transition et économies en développement : une comparaison," Revue Tiers Monde, Programme National Persée, vol. 38(152), pages 727-751.
    17. Rasto Ovin, 2001. "The Nature of Institutional Change in Transition," Post-Communist Economies, Taylor & Francis Journals, vol. 13(2), pages 133-146.
    18. repec:eee:jbvent:v:32:y:2017:i:5:p:461-475 is not listed on IDEAS
    19. Bagrat Yerznkyan, 2012. "Pluralistic Institutional Solutions Of The Problem Of Externalities," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 73-86.
    20. Zhang, Yanlong & Zhou, Xiaoyu & Lei, Wei, 2017. "Social Capital and Its Contingent Value in Poverty Reduction: Evidence from Western China," World Development, Elsevier, vol. 93(C), pages 350-361.
    21. Enrico Colombatto, 2006. "Law, Economics and the Institutional Approach to Development and Transition: towards an Evolutionary Perspective," ICER Working Papers 7-2006, ICER - International Centre for Economic Research.
    22. Nadia Vanteeva, 2012. "The Re-Emerging Role of the State in Contemporary Russia," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 19(1), pages 23-34, September.
    23. Bagrat Yerznkyan, 2012. "Institutional Economics At The Crossroads: A View From Russia," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(1), pages 27-45.
    24. Radygin Alexandr & Entov Revold & Mejeraoups I., 2007. "External Mechanisms of Corporate Governance," Research Paper Series, Gaidar Institute for Economic Policy, issue 104P.
    25. Ismail, Abdul Ghafar & Tohirin, Achmad, 2009. "Finance and Growth: The Role of Islamic Contracts," MPRA Paper 13744, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
    • P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy

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