Privatisation and Structural Change in Transition Economies by Yelena Kalyuzhnova download in iPad, ePub, pdf
At first some of them pursued this approach vigorously, but political and practical drawbacks quickly emerged. At times, the speed could prevent employees or other interests from mobilizing opposition to privatization.
This general framework for transition has, at its center, enterprises as the key agents of change, just as the early writings presaged. Owners must be assured of the right to use assets, to decide on their use by others, and to profit from their use and sale. Furthermore, the widespread participation of a country's citizens fosters a greater understanding of reform and creates a new owner class with a stake in the process. Economic output declined much more than expected.
Although the privatization yet to be accomplished is huge, commitment to reform remains strong and widespread in most countries. Since owners are not in most cases able to be managers as well, the manager-agent's motivation may be a problem. This further reduced effective demand.
An unprecedented transformation has already occurred as these countries have moved from central planning in the direction of more competitive, market-oriented economies. In other words, any privatization is better than none, regardless of whether a stable, competitive environment has been established first or not.
Powerful local interests, such as workers and managers, sometimes blocked consideration of direct sale privatizations. At the start of transition, because the state held most assets, private wealth for buying them was inadequate. The size of the task is vast, and incomparably larger than any previous privatization efforts. Progress has been made in the legal area of property rights. The creation of a social safety net targeted at the individual to compensate for the removal of job security and the removal of price controls on staple goods was also part of the strategy.
Moreover, Hungary, Estonia, and Latvia made fast and successful progress. Summary and Conclusions Two clear lessons emerge from the literature. Restitution tries to return state assets to their former private owners in situations where the government's original acquisition is seen as unjust, such as uncompensated seizure. But two difficulties preclude a clear conclusion. To those guided by the early evidence from Poland, that may be surprising.
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