 Property relations in the period of transitionMárton Tardos A chapter in Privatization and Entrepreneurship in Post-Socialist Countries, 1992, pp 59-68 from Palgrave Macmillan Abstract: Abstract The changing value of assets is one of the most important economic success indicators in a market economy. It shows how much the investor pays for a firm or how much the old proprietor asks for it on the capital market. Asset value is determined by the present value of profits that the given assets may produce, and its objective value may be approached through capital market bargaining among several independent economic actors. It is also well known that, in market-oriented variants of socialism, during the transition from the socialist economy to a market economy there are no true proprietors behind real assets and firms who would have any vital interest in expected profit. From this contradiction it readily follows that one cannot speak of a efficient market until firms and their managers have been subjected to the pressure of proprietory interests. Without proprietors, a market becomes only a quasi-market where success may be manipulated; and manipulation is much more important than realised profit. Keywords: Private Property; Pension Fund; Limited Liability Company; Private Entrepreneur; State Firm (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12393-3_4 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-12393-3_4 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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