Russia : Thoughts on the Privatization Debates a Decade Later
A decade has passed since the privatization debates concerning Russia and the other transition economies. This note reviews literature on two issues: the overall institutional change strategy, and the alternatives to and arguments against voucher p...
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| Format: | Working Paper |
| Language: | English,Russian en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2002/01/19574779/russia-thoughts-privatization-debates-decade-later-russia-thoughts-privatization-debates-decade-later http://hdl.handle.net/10986/19062 |
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okr-10986-190622021-04-23T14:03:50Z Russia : Thoughts on the Privatization Debates a Decade Later Ellerman, David ACCOUNTABILITY AGENCY RELATIONSHIP AGENCY RELATIONSHIPS AGRICULTURE ASSET STRIPPING ASSETS AUCTIONS BORROWER BUDGET CONSTRAINTS CASE-BY-CASE PRIVATIZATION COMMONS COMPENSATION CONCENTRATION OF OWNERSHIP CREDIBILITY DECENTRALIZATION EFFICIENCY GAINS EMPLOYEE OWNERSHIP ENTERPRISE MANAGERS EXECUTIVE DIRECTORS EXPROPRIATION FORMS OF PRIVATIZATION FUND MANAGEMENT FUND MANAGERS GOING CONCERN HARD BUDGET HARD BUDGET CONSTRAINTS HOUSING INSTITUTIONAL CHANGE INSTITUTIONAL DESIGN INSTITUTIONAL DEVELOPMENT INSTITUTIONAL ENVIRONMENT INVESTMENT FUNDS JUDGE JUDGMENT LEGISLATION LIQUIDATION LOAN MANAGEMENT COMPANIES MARKET ECONOMIES MARKET ECONOMY MARKET REFORMS MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM NEGOTIATION OWNERSHIP OF SHARES OWNERSHIP STRUCTURE POLITICAL ECONOMY PORTFOLIO PRIVATE PROPERTY PRIVATE PROPERTY SYSTEM PRIVATIZATION NETWORK PRIVATIZATION OPTION PRIVATIZATION PLAN PRIVATIZATION PROCESSES PRIVATIZATION PROGRAMS PRIVATIZATIONS PROPERTY RIGHTS REGULATORY INSTITUTIONS REGULATORY REFORM RETIREMENT RIVER SEA SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOCIAL CAPITAL STAKEHOLDERS STOCK MARKET STOCK MARKETS TRANSITION ECONOMIES VOUCHER PRIVATIZATION WAGES A decade has passed since the privatization debates concerning Russia and the other transition economies. This note reviews literature on two issues: the overall institutional change strategy, and the alternatives to and arguments against voucher privatization. The alternative is a strategy of incremental institutional change. Instead of an imagined great leap forward over the chasm between socialism and capitalism, incentives are devised to move people incrementally, but irreversibly, from the existing quasi-reformed institutions towards the ideal institutions. Instead of just negating the de facto property rights of managers and workers, they can arrive at a nearby set of legitimized de jure property rights by moving in the right direction. The market bolsheviks designed the market reforms based on voucher privatization with the exact opposite purpose to deny the de facto property rights accumulated during the communist past, to righteously wipe the slate clean, and to start afresh with formal property rights. 2014-07-30T13:48:05Z 2014-07-30T13:48:05Z 2002 http://documents.worldbank.org/curated/en/2002/01/19574779/russia-thoughts-privatization-debates-decade-later-russia-thoughts-privatization-debates-decade-later http://hdl.handle.net/10986/19062 English,Russian en_US OED working paper series; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English,Russian en_US |
| topic |
ACCOUNTABILITY AGENCY RELATIONSHIP AGENCY RELATIONSHIPS AGRICULTURE ASSET STRIPPING ASSETS AUCTIONS BORROWER BUDGET CONSTRAINTS CASE-BY-CASE PRIVATIZATION COMMONS COMPENSATION CONCENTRATION OF OWNERSHIP CREDIBILITY DECENTRALIZATION EFFICIENCY GAINS EMPLOYEE OWNERSHIP ENTERPRISE MANAGERS EXECUTIVE DIRECTORS EXPROPRIATION FORMS OF PRIVATIZATION FUND MANAGEMENT FUND MANAGERS GOING CONCERN HARD BUDGET HARD BUDGET CONSTRAINTS HOUSING INSTITUTIONAL CHANGE INSTITUTIONAL DESIGN INSTITUTIONAL DEVELOPMENT INSTITUTIONAL ENVIRONMENT INVESTMENT FUNDS JUDGE JUDGMENT LEGISLATION LIQUIDATION LOAN MANAGEMENT COMPANIES MARKET ECONOMIES MARKET ECONOMY MARKET REFORMS MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM NEGOTIATION OWNERSHIP OF SHARES OWNERSHIP STRUCTURE POLITICAL ECONOMY PORTFOLIO PRIVATE PROPERTY PRIVATE PROPERTY SYSTEM PRIVATIZATION NETWORK PRIVATIZATION OPTION PRIVATIZATION PLAN PRIVATIZATION PROCESSES PRIVATIZATION PROGRAMS PRIVATIZATIONS PROPERTY RIGHTS REGULATORY INSTITUTIONS REGULATORY REFORM RETIREMENT RIVER SEA SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOCIAL CAPITAL STAKEHOLDERS STOCK MARKET STOCK MARKETS TRANSITION ECONOMIES VOUCHER PRIVATIZATION WAGES |
| spellingShingle |
ACCOUNTABILITY AGENCY RELATIONSHIP AGENCY RELATIONSHIPS AGRICULTURE ASSET STRIPPING ASSETS AUCTIONS BORROWER BUDGET CONSTRAINTS CASE-BY-CASE PRIVATIZATION COMMONS COMPENSATION CONCENTRATION OF OWNERSHIP CREDIBILITY DECENTRALIZATION EFFICIENCY GAINS EMPLOYEE OWNERSHIP ENTERPRISE MANAGERS EXECUTIVE DIRECTORS EXPROPRIATION FORMS OF PRIVATIZATION FUND MANAGEMENT FUND MANAGERS GOING CONCERN HARD BUDGET HARD BUDGET CONSTRAINTS HOUSING INSTITUTIONAL CHANGE INSTITUTIONAL DESIGN INSTITUTIONAL DEVELOPMENT INSTITUTIONAL ENVIRONMENT INVESTMENT FUNDS JUDGE JUDGMENT LEGISLATION LIQUIDATION LOAN MANAGEMENT COMPANIES MARKET ECONOMIES MARKET ECONOMY MARKET REFORMS MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM NEGOTIATION OWNERSHIP OF SHARES OWNERSHIP STRUCTURE POLITICAL ECONOMY PORTFOLIO PRIVATE PROPERTY PRIVATE PROPERTY SYSTEM PRIVATIZATION NETWORK PRIVATIZATION OPTION PRIVATIZATION PLAN PRIVATIZATION PROCESSES PRIVATIZATION PROGRAMS PRIVATIZATIONS PROPERTY RIGHTS REGULATORY INSTITUTIONS REGULATORY REFORM RETIREMENT RIVER SEA SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOCIAL CAPITAL STAKEHOLDERS STOCK MARKET STOCK MARKETS TRANSITION ECONOMIES VOUCHER PRIVATIZATION WAGES Ellerman, David Russia : Thoughts on the Privatization Debates a Decade Later |
| geographic_facet |
Europe and Central Asia Russian Federation |
| relation |
OED working paper series; |
| description |
A decade has passed since the
privatization debates concerning Russia and the other
transition economies. This note reviews literature on two
issues: the overall institutional change strategy, and the
alternatives to and arguments against voucher privatization.
The alternative is a strategy of incremental institutional
change. Instead of an imagined great leap forward over the
chasm between socialism and capitalism, incentives are
devised to move people incrementally, but irreversibly, from
the existing quasi-reformed institutions towards the ideal
institutions. Instead of just negating the de facto property
rights of managers and workers, they can arrive at a nearby
set of legitimized de jure property rights by moving in the
right direction. The market bolsheviks designed the market
reforms based on voucher privatization with the exact
opposite purpose to deny the de facto property rights
accumulated during the communist past, to righteously wipe
the slate clean, and to start afresh with formal property rights. |
| format |
Publications & Research :: Working Paper |
| author |
Ellerman, David |
| author_facet |
Ellerman, David |
| author_sort |
Ellerman, David |
| title |
Russia : Thoughts on the Privatization Debates a Decade Later |
| title_short |
Russia : Thoughts on the Privatization Debates a Decade Later |
| title_full |
Russia : Thoughts on the Privatization Debates a Decade Later |
| title_fullStr |
Russia : Thoughts on the Privatization Debates a Decade Later |
| title_full_unstemmed |
Russia : Thoughts on the Privatization Debates a Decade Later |
| title_sort |
russia : thoughts on the privatization debates a decade later |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2002/01/19574779/russia-thoughts-privatization-debates-decade-later-russia-thoughts-privatization-debates-decade-later http://hdl.handle.net/10986/19062 |
| _version_ |
1764443247756705792 |