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Annotation.
Privatization policies are the centrepiece of the historically unique transformation of the centrally planned, into market economies. Yet the peculiarities of the privatization process in Eastern Europe are little understood in the West because of differences in historical, socio-political and economic contexts relative to Western experience. Most research on privatization in the West is rather theoretical and thus pays insufficient attention to these contexts, perhaps because their importance is not widely appreciated and because there has been little information about them available. Moreover, the significant differences among East European countries in contexts and in policies are not well-understood even within the region, again because of a lack of information.
Primerjalni pregled izkušenj, metod privatizacije in njihove uporabe v nekaterih srednje- in vzhodnoevropskih državah ter v Rusiji, odkriva probleme in pomen prehajanja na tržno gospodarstvo, vlogo in naloge privatizacije v procesu makroekonomskega prilagajanja in prestrukturiranja, v katerem ima slednja nesporno politično prioriteto ter podporo novega političnega vodstva. Več dejavnikov zavira procese privatizacije, zato v mnogih postkomunističnih državah potekajo počasneje kot je bilo predvideno, zasebna dejavnost pa se bolj kot zaradi privatizacije državnega premoženja razvija zaradi odpiranja novih podjetij.
This volume is meant to be a modest contribution to the ongoing debate about the transitions away from the administrative planning environment typical of the former communist regimes. The central subject matter is a fairly special one, namely the privatization of these economies together with the restoration and effective monitoring of property rights. These are paramount tasks of the ongoing transformations once progress toward pOlitical democracy is secured. Though I would not allot divestment of existing state-owned assets the kind of pivotal importance that some observers reserve for it, changing rules on the utilization of these assets is evidently at the core of what the transition toward market-based economic systems should be all about. Rather than examining the entire range of issues that surround the controvery on privatization, this volume is primarily concerned with the economics of taking the state out of the decision making about existing assets. Among the several aspects of this discussion three stand out. One is the establishment of clear property rights. This is fundamental to minimize trans action costs in an environment where decisions will increasingly be taken by independent economic agents acting on their own account. Second, I look only incidentally at the various angles of creating capital markets, particularly for existing assets, in these economies.
This book explains why Egypt is lagging behind other countries in the Mediterranean region in reforming its economy.
The transition to market economies in Eastern Europe, considered in the light of Western experiences of seeking a middle way between classical liberalism and state socialism.
The authors' view is that any privatisation is better than none, regardless of whether a stable, competitive environment has been established first. However, private companies started from scratch perform best, followed by newly privatised firms run by outsiders, either local or foreign. Privatised companies dominated by insiders do less well, but even they regularly outperform state enterprises. Without an appropriate market environment though, managers may spend more time lobbying the government for support than undertaking painful restructuring measures.