On the Privatization of “Stolen Goods” in Central and Eastern Europe
By Svetozar Pejovich
This article appeared in the Fall 2005 issue of The Independent Review

With few exceptions, the privatization of state-owned assets has failed to contribute to the transformation of central and eastern European countries into free-market, private-property economies. This relative failure can be attributed to three factors: the reliance on neoclassical economics, the absence of decommunization, and the unwillingness of the new elite in the region to assign ownership rights in state-owned assets to the true owners.





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