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Abstract: In Russia and elsewhere, proponents of rapid, mass privatization of state-owned enterprises (ourselves among them) hoped that the profit incentives unleashed by privatization would soon revive faltering, centrally planned economies. The revival didn't happen. We offer here some partial explanations. First, rapid mass privatization is likely to lead to massive self-dealing by managers and controlling shareholders unless (implausibly in the initial transition from central planning to markets) a country has a good infrastructure for controlling self-dealing. Russia accelerated the self-dealing process by selling control of its largest enterprises cheaply to crooks, who transferred their skimming talents to the enterprises they acquired, and used their wealth to further corrupt the government and block reforms that might constrain their actions. Second, profit incentives to restructure privatized businesses and create new ones can be swamped by the burden on business imposed by a combination of (among other things) a punitive tax system, official corruption, organized crime, and an unfriendly bureaucracy. Third, while self-dealing will still occur (though perhaps to a lesser extent) if state enterprises aren't privatized, since self-dealing accompanies privatization, it politically discredits privatization as a reform strategy and can undercut longer-term reforms. A principal lesson: developing the institutions to control self-dealing is central to successful privatization of large firms.
Abstract: A decade of experience with the transition from centrally planned to market economies has taught us that the strength of a country's market-supporting "institutions" powerfully affect transition success. However, the necessary institutions are rarely specified in detail. This Article is an early installment on a larger project that begins the task of providing this missing detail through a case study of Russia. We describe the multiple legal, institutional, and microeconomic reforms that Russia needed to put in place as part of its transition to a market economy. We discuss the important and sometimes nonobvious synergies between different reform elements, and explain why these synergies make controlling corruption a core element of successful transition, which Russia long neglected. Our basic message is to stress the complexity of reform, the interrelatedness of reform elements, and the pervasive effect of corruption in undermining reform effort, and the potential for (mostly) self-enforcing laws to limit bureaucracy and corruption.
Abstract: This book is the Russian language version of our treatise on the Russian Law on Joint Stock Companies, which we participated in drafting. You can download either the entire book (click on the download document button below), or one or more of its parts. It contains three parts: (1) a general overview of the theory (a "self enforcing model of corporate law") behind the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263141 (2) a detailed section-by-section analysis and critique of the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263142 (3) appendices containing the text of the law, a model Russian joint stock company law drafted by Bernard Black and Anna Tarassova, relevant excerpts from the Russian civil Code, and an important judicial interpretation of the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263143 Please note: The downloadable book is written in Russian. The English language version is available from Kluwer Law International. Contact sales@kluwerlaw.com The concept of a self-enforcing corporate law is developed in Bernard Black & Reinier Kraakman, A Self-Enforcing Model of Corporate Law, Harvard Law Review, vol. 109, pp. 1911-1982, 1996, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=10037
Abstract: This book is the Russian language version of our treatise on the Russian Law on Joint Stock Companies, which we participated in drafting. You can download either the entire book at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=246670 or one or more of its parts. It contains three parts: (1) a general overview of the theory (a "self enforcing model of corporate law") behind the law. You can download this part of the book from the download button below. (2) a detailed section-by-section analysis and critique of the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263142 (3) appendices containing the text of the law, a model Russian joint stock company law drafted by Bernard Black and Anna Tarassova, relevant excerpts from the Russian civil Code, and an important judicial interpretation of the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263143 Please note: The downloadable book is written in Russian. The English language version is available from Kluwer Law International. Contact sales@kluwerlaw.com The concept of a self-enforcing corporate law is developed in Bernard Black & Reinier Kraakman, A Self-Enforcing Model of Corporate Law, Harvard Law Review, vol. 109, pp. 1911-1982, 1996, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=10037
Abstract: This book is the Russian language version of our treatise on the Russian Law on Joint Stock Companies, which we participated in drafting. You can download either the entire book at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=246670 or one or more of its parts. It contains three parts: (1) a general overview of the theory (a "self enforcing model of corporate law") behind the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263141 (2) a detailed section-by-section analysis and critique of the law. You can download this part of the book from the download button below. (3) appendices containing the text of the law, a model Russian joint stock company law drafted by Bernard Black and Anna Tarassova, relevant excerpts from the Russian civil Code, and an important judicial interpretation of the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263143 Please note: The downloadable book is written in Russian. The English language version is available from Kluwer Law International. Contact sales@kluwerlaw.com The concept of a self-enforcing corporate law is developed in Bernard Black & Reinier Kraakman, A Self-Enforcing Model of Corporate Law, Harvard Law Review, vol. 109, pp. 1911-1982, 1996, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=10037
Abstract: This book is the Russian language version of our treatise on the Russian Law on Joint Stock Companies, which we participated in drafting. You can download either the entire book at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=246670 or one or more of its parts. It contains three parts: (1) a general overview of the theory (a "self enforcing model of corporate law") behind the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263141 (2) a detailed section-by-section analysis and critique of the law. You can download this part of the book from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=263142 (3) appendices containing the text of the law, a model Russian joint stock company law drafted by Bernard Black and Anna Tarassova, relevant excerpts from the Russian civil Code, and an important judicial interpretation of the law. You can download this part of the book at the download button below. Please note: The downloadable book is written in Russian. The English language version is available from Kluwer Law International. Contact sales@kluwerlaw.com The concept of a self-enforcing corporate law is developed in Bernard Black & Reinier Kraakman, A Self-Enforcing Model of Corporate Law, Harvard Law Review, vol. 109, pp. 1911-1982, 1996, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=10037
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