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doi: 10.3233/hsm-1993-12403pmid: N/A
Our purpose is to trace the trajectory of the debate about privatization in the post-socialist economies. We argue that centralized case-by-case direct sales are impossibly slow and that mass privatization plans are not genuine privatization plans. Hope lies in the development of decentralized regulated forms of spontaneous privatization such as post-socialist versions of the management-employee buy-outs (MEBOs) seen in the American Taking-Private Movement. We will outline a rapid decentralized plan that draws on the decentralized programs used in Slovenia, Croatia, and Poland.
doi: 10.3233/HSM-1993-12403pmid: N/A
Our purpose is to trace the trajectory of the debate about privatization in the post-socialist economies. We argue that centralized case-by-case direct sales are impossibly slow and that mass privatization plans are not genuine privatization plans. Hope lies in the development of decentralized regulated forms of spontaneous privatization such as post-socialist versions of the management-employee buy-outs (MEBOs) seen in the American Taking-Private Movement. We will outline a rapid decentralized plan that draws on the decentralized programs used in Slovenia, Croatia, and Poland.
doi: 10.3233/HSM-1993-12404pmid: N/A
To work efficiently, a market system requires institutions such as private property, legal and accounting systems, and a monetary framework. These institutions need not be in place, but the structure should be agreed upon so that market participants can value assets. The paper concentrates on decisions about the choice of monetary arrangements, price and wage setting. Several countries in Eastern Europe have adopted fixed exchange rates and wage controls. The paper argues that the combination is generally inconsistent; only one relative price can be fixed. Attempts to fix wage rates and the exchange rate increases uncertainty and imposes an excess burden. The paper proposes fixed exchange rates for East European countries and development of a clearing union. In contrast to time phased programs of liberalization, the paper argues that structural changes should be announced and price, wage, budget, and monetary reforms should be made simultaneously.
doi: 10.3233/hsm-1993-12404pmid: N/A
To work efficiently, a market system requires institutions such as private property, legal and accounting systems, and a monetary framework. These institutions need not be in place, but the structure should be agreed upon so that market participants can value assets. The paper concentrates on decisions about the choice of monetary arrangements, price and wage setting. Several countries in Eastern Europe have adopted fixed exchange rates and wage controls. The paper argues that the combination is generally inconsistent; only one relative price can be fixed. Attempts to fix wage rates and the exchange rate increases uncertainty and imposes an excess burden. The paper proposes fixed exchange rates for East European countries and development of a clearing union. In contrast to time phased programs of liberalization, the paper argues that structural changes should be announced and price, wage, budget, and monetary reforms should be made simultaneously.
doi: 10.3233/HSM-1993-12405pmid: N/A
The paper describes three approaches to the strategy of the transition from socialism to a market economy: the rapid privatization strategy, the evolutionary school, and the government planning approach. These approaches rely on different underlying assumptions about the nature of the formerly socialist societies and the tasks confronting them in making the transition to a market economy, and the paper draws out these different assumptions. A number of policy issues are discussed in light of these three approaches, such as the speed of price liberalization and currency convertibility, the pace of privatization of large state enterprises, and the role of property rights and legal infrastructure reform. The consensus view of Western advisers as of about 1991 is confronted with the events of the first few years of transition experiences.
doi: 10.3233/hsm-1993-12405pmid: N/A
The paper describes three approaches to the strategy of the transition from socialism to a market economy: the rapid privatization strategy, the evolutionary school, and the government planning approach. These approaches rely on different underlying assumptions about the nature of the formerly socialist societies and the tasks confronting them in making the transition to a market economy, and the paper draws out these different assumptions. A number of policy issues are discussed in light of these three approaches, such as the speed of price liberalization and currency convertibility, the pace of privatization of large state enterprises, and the role of property rights and legal infrastructure reform. The consensus view of Western advisers as of about 1991 is confronted with the events of the first few years of transition experiences.
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