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Perestroika And Socialist Privatization: What Is To Be Done? And How?

Author

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  • Edgar L. Feige

    (University of Wisconsin-Madison)

Abstract

This paper examines the question of whether a communist nation, characterized by state ownership of the means of production and a centrally planned command system of allocation can be transformed into an efficient market oriented economy without fully compromising the socialist ideals of an egalitarian society that insures a high degree of economic security for its citizens. In short, is it possible, for the first time in history, to create a capitalistic society on the foundation of an egalitarian distribution of income and wealth? I propose a sequential set of stabilization, privatization and liberalization policies designed to provide the necessary, albeit not sufficient conditions for a transition to a market economy that minimizes the costs of adjustment by providing a social safety net in the form of an initial equalitarian distribution of a considerable portion of the state’s current ownership of the means of production. To be published in Comparative Economic Studies Vol. XXXII, No.3 Fall 1990

Suggested Citation

  • Edgar L. Feige, 2003. "Perestroika And Socialist Privatization: What Is To Be Done? And How?," Development and Comp Systems 0312002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpdc:0312002
    Note: Type of Document - pdf; prepared on WinXP; pages: 53
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/dev/papers/0312/0312002.pdf
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    More about this item

    Keywords

    transition; Russia; stabilization; liberalization; privatization; property rights; social safety net;
    All these keywords.

    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H1 - Public Economics - - Structure and Scope of Government

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