The Biggest Problem in Post-Communist Transition: The Privatization of Large Enterprises

Anders Aslund ()

No 16, CASE Working Papers from CASE-Center for Social and Economic Research

Abstract: Thirty years after the collapse of the Soviet Union, it is rather clear what transition policies have worked. Almost all the post-communist countries have become market economies and have achieved macroeconomic stability. Privatization was economically necessary, and its economic outcomes have been very positive. Alas, politically, these successes have often been unsustainable because of strong popular sentiments against the private ownership of big enterprises. Substantial renationalization has occurred. What went wrong? How could privatization be done better, or be defended? What should be done to defend private enterprise in the future? This paper argues that the nature of privatization is far less important than the establishment of good rule of law so that private property rights can be defended.

Keywords: Eastern Europe; former Soviet Union; post-communist transformation; market economy; privatization (search for similar items in EconPapers)
JEL-codes: K00 K42 P20 P26 P30 P31 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-cis, nep-his, nep-law, nep-reg and nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:sec:worpap:0016

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