engleski

Privatization and institutionalization of economic order in transitional societies

The transition process, conceived as a quick adoption of western institutional, technological and political standards in the former socialist countries ran into many difficulties and produced many unexpected results. Transforming property rights by quick privatization, regardless of how the productive wealth was produced and without guarantees that it will be used in future to promote general welfare, is lacking of a deeper social legitimacy and is one of the major problem in the institutionalization in the new economic and political order of those societies. The experience of the post-socialist countries warns us that rules and uses of property are not there to gratify individual passions for power and domination. In order to assure a necessary social approval in an interdependent system of division of labour, the possessions and management of property must be viewed as a social service, aimed at promotion of welfare and security by rapid economic growth and equitable distribution. The introduction of a market, however, is not sufficient for a stable and prosperous society.

Property rights; institutionalization of economic and political order; economic growth; social legitimization; solidarity and stability. Hobbes; Spinoza; Smith

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