The Legal Solution

Hella Engerer

Chapter 12 in Privatization and its Limits in Central and Eastern Europe, 2001, pp 163-177 from Palgrave Macmillan

Abstract: Abstract As Hume already recognized, property cannot only be understood as a subject—object relation. The subject—subject relation and thus the exclusion within the “stability of possession”, its “transference by consent” and the “performance of promises” must be taken into consideration along with the determination of which objects (such as physical and intellectual resources) should be protected as the individual’s property. The most important market-conforming property rights can be derived from Hume’s three principles. Personal liberty rights represent the highest rights. Property of objects requires that the individual can dispose of his resources. He can only dispose of the object if it is transferable by voluntary consent, meaning that there is freedom of contract. In case of a transfer, a temporary surrender, it must be guaranteed that the creditor is protected by observing the principle of fulfilling promises, respectively the pacta sunt servanda.

Keywords: Private Enterprise; Eastern European Country; State Enterprise; Insolvency Regulation; Bankruptcy Proceeding (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780230523005_13

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