Making the Transition to Private Ownership

When the former centrally planned economies began the transition to a market economy one decade ago, I advocated the creation of an economic system based on private ownership, as did many economists. But there was strong disagreement on the best way to carry out ownership reform. Most of the detailed, practical proposals that emerged at the outset of transition revolved around two opposing strategies. In retrospect, I would call them the strategy of organic development (stra...

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