Privatization of State Enterprises in Russia - What Went Wrong and Why?

• Autorzy: Ludmiła Słobodzian , Monika Stępińska
• Języki publikacji: EN

Abstrakty

EN

From the very beginning the way the privatization of Russian economy was carried out aroused huge controversies. Some maintain that it contributed to its criminalization and overtaking of the most important branches by oligarchs and representatives of economic underground. Blatant corruption when some transactions were made and a wide range of privileges that directors and other employees enjoyed when buying the shares of the companies they worked for were the most criticized aspects of the programme. The main social goal of the first privatization programme was distribution of state-owned property and it was based on the principle of social justice and creation of a large and powerful middle class on the basis of private ownership, which was considered a necessary condition for social and political stability. Taking into account the necessity of a thorough restructuring of these companies, the program which favoured giving the ownership rights to employees and prevented outside investors from taking over the companies did not seem to be the best solution. Another problem was that the new owners, still burdened with the experiences they had of the command-and-quota system, were unable to manage enterprises in the situation of emerging market economy. Besides, the Russian model of mass privatization only to a small extent took into account the issues of efficiency, budget revenues and future investments; at the same time it put too much emphasis on often illusory aim to establish the class of small owners. Mass privatization neither brought about the inflow of new investments nor stimulated accumulation of capital. Neither did we witness any considerable improvement in the fields of financial stabilization, economic effectiveness or creating competitive environment(original abstract)

Słowa kluczowe

EN

Privatisation; Privatization of enterprises

PL

Prywatyzacja; Prywatyzacja przedsiębiorstw

• Czasopismo: Studia i Prace Kolegium Zarządzania i Finansów / Szkoła Główna Handlowa
• Rocznik: 2007
• Numer: z. 83
• Strony: 121--128

Twórcy

autor

Ludmiła Słobodzian

• Szkoła Główna Handlowa w Warszawie

autor

Monika Stępińska

• Szkoła Główna Handlowa w Warszawie

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