In reality privatization has never occurred according to the handbook rules of ordinary market tr... more In reality privatization has never occurred according to the handbook rules of ordinary market transactions. Not even in advanced market economies can privatization transactions be described by the Walrasian or Arrowian, or Leontiefian equilibrium models, or by the equilibrium models of the game theory. In these economies transactions of privatization take place in a fairly organic way ? which means that those are driven by the dominance of private property rights and in a market economy. But despite this fact Western privatization also some peculiar features as compared to ordinary company takeovers, since the state as the seller may pursue non ? economic goals. Changes in the dominant form of property change positions and status of many individuals and groups in the society. That?s why privatization can even less be explained by ordinary market mechanisms in transition countries where privatizing state-owned property have happened in a mass scale and where markets and private prop...
After the peaceful passing of a referendum that dissolved the Union of Serbia and Montenegro in M... more After the peaceful passing of a referendum that dissolved the Union of Serbia and Montenegro in May 2006, people flocked to the streets to celebrate the establishment of Montenegro as a newly independent republic of about 630,000 people. While still part of the union with Serbia, Montenegro had started an economic reform program. The reforms that have taken place have focused on stable monetary policy, protection of property rights, lowered barriers to trade, decreased business regulation, and equal rights for foreigners within the country.The country is now at a crossroads. Montenegro can continue its reform process and tackle the big challenges ahead (including reforming its labor markets, public finance and public sector management, business regulations, and constitutional rules) or it can follow the path of many former socialist countries and eventually stifle the reforms. Most importantly, Montenegro must decide whether to join the European Union and whether to amend its consti...
In reality privatization has never occurred according to the handbook rules of ordinary market tr... more In reality privatization has never occurred according to the handbook rules of ordinary market transactions. Not even in advanced market economies can privatization transactions be described by the Walrasian or Arrowian, or Leontiefian equilibrium models, or by the equilibrium models of the game theory. In these economies transactions of privatization take place in a fairly organic way ? which means that those are driven by the dominance of private property rights and in a market economy. But despite this fact Western privatization also some peculiar features as compared to ordinary company takeovers, since the state as the seller may pursue non ? economic goals. Changes in the dominant form of property change positions and status of many individuals and groups in the society. That?s why privatization can even less be explained by ordinary market mechanisms in transition countries where privatizing state-owned property have happened in a mass scale and where markets and private prop...
After the peaceful passing of a referendum that dissolved the Union of Serbia and Montenegro in M... more After the peaceful passing of a referendum that dissolved the Union of Serbia and Montenegro in May 2006, people flocked to the streets to celebrate the establishment of Montenegro as a newly independent republic of about 630,000 people. While still part of the union with Serbia, Montenegro had started an economic reform program. The reforms that have taken place have focused on stable monetary policy, protection of property rights, lowered barriers to trade, decreased business regulation, and equal rights for foreigners within the country.The country is now at a crossroads. Montenegro can continue its reform process and tackle the big challenges ahead (including reforming its labor markets, public finance and public sector management, business regulations, and constitutional rules) or it can follow the path of many former socialist countries and eventually stifle the reforms. Most importantly, Montenegro must decide whether to join the European Union and whether to amend its consti...
Uploads
Papers by Maja Drakic-Grgur