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The Handbook of Political, Social, and Economic Transformation$
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Wolfgang Merkel, Raj Kollmorgen, and Hans-Jürgen Wagener

Print publication date: 2019

Print ISBN-13: 9780198829911

Published to Oxford Scholarship Online: March 2019

DOI: 10.1093/oso/9780198829911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 June 2021

Property Rights

Property Rights

(p.611) Chapter 68 Property Rights
The Handbook of Political, Social, and Economic Transformation

Thomas Apolte

Oxford University Press

Creation of ownership structures under private law as well as market liberalization can be seen as central to transformation. This chapter examines how private property rights, among others, encourage economic efficiency, strengthen economic competition, make businesses subject to the discipline of the market, and create a capital market. The emergence and development of a property rights structure at a given point in time is always also the result of a conflictual history. One of the advantages of a developed market economy is that conflictual resource acquisition lies in the past and has ceased to play a significant role in the recognition of the existing distribution of wealth. It is astonishing how little conflict was caused by post-socialist privatization.

Keywords:   market socialism, tragedy of the commons, diluted property rights, transfer of assets, distribution of wealth, externalities, workers’ self-management

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