 The state-owned company: “State failure” or “market failure”?1Alexander Radygin, Yuri Simachev and Revold Entov Russian Journal of Economics, 2015, vol. 1, issue 1, 55-80 Abstract: This article will analyze the activity of state-owned companies and their place in the structure of market relations from the standpoint of contemporary approaches to the study of “state failure” and “market failure”. It will also consider the implications of the systematic embedding of private property rights. In addition to considering the costs of the functions of state-owned companies, the authors address the actual experience of the Russian economy in the present day, the experience of forming state corporations and the risks associated with their operation. Particular attention will be paid to the inhibition of incentives to improve the general institutional environment and, conversely, to the increasing incidence of direct state intervention in matters that affect economic development. We will examine the various ways in which the growth of the public sector, de jure and de facto, reduces opportunities for implementing private property rights. Keywords: state-owned company; state-owned enterprise; privatization; state failure; market failure; political markets; state regulation; allocative efficiency; property rights. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:rujoec:v:1:y:2015:i:1:p:55-80 DOI: 10.1016/j.ruje.2015.05.001 Access Statistics for this article Russian Journal of Economics is currently edited by Alexey Kudrin More articles in Russian Journal of Economics from Elsevier |
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