The Monetary Theory of Private Property

Hella Engerer

Chapter 3 in Privatization and its Limits in Central and Eastern Europe, 2001, pp 74-82 from Palgrave Macmillan

Abstract: Abstract Whereas the contractarian model illuminated particularly the correlation between the emergence of ownership and the new definition of the state’s role, the point of view described herein as “monetary” establishes a connection between ownership and money. Unlike neoclassical theory, which assumes the neutrality of money, monetary analysis attributes money a fundamental function. From the monetary viewpoint, the specific ways of functioning and the initial problems of transformation economics require a particular development strategy. In contrast to neoclassical analysis, private property, but not necessarily privatization, is accorded central importance.

Keywords: Budget Constraint; Private Property; Money Supply; Asset Market; Monetary Economy (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-52300-5_4

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DOI: 10.1057/9780230523005_4

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