This work offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the autumn of 1991, mass privatization was completed on July 1, 1994, with two thirds of Russian industry privately owned, a rapidly rising stock market and 40 million Russians owning company shares. The authors describe the events and the ideas driving privatization, arguing that successful reformers must recognize privatization as a process of depoliticising firms in the face of massive opposition: making the firm responsive to market rather than political influences.
In many countries, public sector institutions impose heavy burdens on economic life: heavy and arbitrary taxes retard investment, regulations enrich corrupt bureaucrats, state firms consume national wealth, and the most talented people turn to rent-seeking rather than productive activities. As a consequence of such predatory policies--described in this book as the grabbing hand of the state--entrepreneurship lingers and economies stagnate. The authors of this collection of essays describe many of these pathologies of a grabbing hand government, and examine their consequences for growth. The essays share a common viewpoint that political control of economic life is central to the many government failures that we observe. Fortunately, a correct diagnosis suggests the cures, including the best strategies of fighting corruption, privatization of state firms, and institutional building in the former socialist economies. Depoliticization of economic life emerges as the crucial theme of the appropriate reforms. The book describes the experiences with the grabbing hand government and its reform in medieval Europe, developing countries, transition economies, as well as today's United States.
The book presents a compelling argument that regulation is often more efficient than litigation in addressing economic issues. The author, a noted economist, explores how the prevalence of regulatory frameworks can be understood through their effectiveness in resolving disputes and managing resources. This analysis delves into the implications of regulatory practices and their impact on economic performance, offering insights into the balance between regulation and legal processes in contemporary society.
V mnohých krajinách inštitúcie verejného sektoru neprimerane zaťažujú hospodárstvo. Vysoké a svojvoľné dane brzdia investície, reguláciami sa obohacujú skorumpovaní úradníci. Korupcia, klientelizmus, byrokracia, zneužívanie politickej moci sa najmä v posledných rokoch stali aktuálnymi spoločenskými problémami. Autori popisujú patologický stav vlády kradmej ruky štátu a analyzujú jej dôsledky pre hospodársky rast.
