Privatization, Property Rights and Development Potential: Lessons from Poland and Russia
The privatization process in Russia necessitates a reexamination of one of economics' most sacred tenets. Under the wrong circumstances, private property rights can become a destructive force, not the constructive force for economics growth and political stability that economists have always taken for granted. In Poland, a carefully crafted privatization effort was set in motion only after the essentials of a market infrastructure with checks and balances had been instituted. As a consequence, Poland escaped the oligarchic capitalism, corruption, and massive theft schemes such as "Loans for Shares" that haunts Russia today and discredits and undermines the entire reform effort. The paper also explains why it was that in the absence of a system of economic and legal checks and balances, those few who took the opportunity to seize state property of set up cooperatives and banks could become so rich so quickly.
Volume (Year): 25 (1999)
Issue (Month): 4 (Fall)
|Contact details of provider:|| Postal: |
Phone: (201) 684-7346
Web page: http://www.ramapo.edu/eea/journal.htmlEmail:
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:eej:eeconj:v:25:y:1999:i:4:p:389-398. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Victor Matheson, College of the Holy Cross)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.