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.

Other Independent Review articles by Svetozar Pejovich
    Summer 2003   Transition: The First Decade
    Summer 2001   From Socialism to the Market Economy: Postwar West Germany versus Post-1989 East Bloc
    Fall 1997   Law, Tradition, and the Transition in Eastern Europe

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