The Economics of Property Rights: Towards a Theory of Comparative Systems

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Springer Science & Business Media, Jan 1, 1990 - Business & Economics - 204 pages
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To understand recent developments in Eastern Europe requires a method of analysis that is capable of internalizing into a theoretical framework (i) the logical premises deduced from the costs of transactions and incentive structures generated by various institutions and (ii) the evidence for refutable implications of those premises. The economics of property rights is such a theory. It expands the scope of the ability of economic analysis to explain a wide range of institutional structures and provides empirical corroboration of its logical implications. The economics of property rights is, then, an effective scholarly instrument that offers more significant understanding of the three current issues in the area of comparative economic studies: (i) evaluating the performance of alternative institutional arrangements, (ii) explaining the failure of socialist institutions in Eastern Europe, and (iii) identifying the costs (political as well as economic) of institutional reforms in that part of the world. In that sense, the book is both timely and relevant. In the late 1980s East Europeans crossed the threshold of fear and forced their leaders to abandon Marxism. With that theory of history dead and buried, the cost of current sacrifices in the pursuit of socialism has risen relative to the present value of its expected future benefits.
 

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Contents

The Rise of Capitalism
7
THE RISE OF SOCIALISM
15
BASIC INSTITUTIONS OF CAPITALISM
27
EXCHANGE IN A PRIVATE PROPERTY
35
Attenuation of Private Property Rights
41
Profit as an Allocator of Resources
48
THE RIGHT OF OWNERSHIP AND THE FIRM
53
THE ATTENUATED RIGHT OF OWNERSHIP AND
65
Suggested Readings
103
Suggested Readings
114
Suggested Readings
120
Suggested Readings
127
The Quantitative Performance of the Soviet Economy
137
Suggested Readings
148
Nomenklatura and the LaborManaged Economy
176
The Total Revenue of the Yugoslav Firm
182

Suggested Readings 7 1
71
The Growth of Wealth
79
THE HISTORY AND DEVELOPMENT OF THE
87
BASIC INSTITUTIONS OF THE SOVIETTYPE 97
96
The Allocation of Earnings and the State
189
Suggested Readings
197
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