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Privatisation in Russia Has Led to Criminalisation

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  • Michael D. Intriligator

Abstract

Russia has recently embarked on a dramatic program of privatisation as part of the process of shock therapy which aims to convert the command economy to a market economy. This program has been undertaken in the absence of a well‐developed set of institutions needed for the proper functioning of a market economy. These institutions include a legal system, a related system of property rights, a credit system, a system of commercial banks, classified advertising, an accounting system and others including a sound currency and a social safety net. In the absence of these institutions the incentives facing agents in economic transactions have been perverted. This has led to criminalisation of the economy, dramatic falls in production, loss of confidence in all aspects of commerce, and political instability. The recent Russian experience of privatisation has important lessons for other economies in transition, for developing economies and for economic theory.

Suggested Citation

  • Michael D. Intriligator, 1994. "Privatisation in Russia Has Led to Criminalisation," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 27(2), pages 4-14, April.
    • Handle: RePEc:bla:ausecr:v:27:y:1994:i:2:p:4-14
    DOI: 10.1111/j.1467-8462.1994.tb00830.x
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    Cited by:

    1. John S. Earle, 1999. "Post-Privatisation Ownership Structure and Productivity in Russian Industrial Enterprises," Working Papers 1999.19, Fondazione Eni Enrico Mattei.
    2. Daina McDonald, 2006. "150 Issues of The Australian Economic Review: The Changing Face of a Journal over Time," Melbourne Institute Working Paper Series wp2006n01, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    3. Janine Aron, 2003. "Building institutions in post-conflict African economies," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(4), pages 471-485.
    4. David Ahlstrom & Garry D. Bruton, 2010. "Rapid Institutional Shifts and the Co–evolution of Entrepreneurial Firms in Transition Economies," Entrepreneurship Theory and Practice, , vol. 34(3), pages 531-554, May.
    5. Hay, Jonathan R. & Shleifer, Andrei & Vishny, Robert W., 1996. "Toward a theory of legal reform," European Economic Review, Elsevier, vol. 40(3-5), pages 559-567, April.
    6. Posner, Richard A, 1998. "Creating a Legal Framework for Economic Development," The World Bank Research Observer, World Bank, vol. 13(1), pages 1-11, February.
    7. Li, Shaomin & Filer, Larry, 2007. "The effects of the governance environment on the choice of investment mode and the strategic implications," Journal of World Business, Elsevier, vol. 42(1), pages 80-98, March.
    8. Gerber, Theodore P. & Hout, Michael, 1999. "More Than Shock Therapy: Market Transition, Employment, and Income in Russia, 1991-1995," Center for Culture, Organizations and Politics, Working Paper Series qt8kv6v960, Center for Culture, Organizations and Politics of theInstitute for Research on Labor and Employment, UC Berkeley.
    9. Brendan Markey‐Towler, 2019. "The New Microeconomics: A Psychological, Institutional, and Evolutionary Paradigm with Neoclassical Economics as a Special Case," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 95-135, January.

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