Equality, Participation, Transition: Essays in Honour of Branko Horvat

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Derek C. Jones and Niels Mygind 183 Mygind N. (1997) ‘Employee Ownership in the Baltic Countries’ in Uvalić and Vaughan-Whitehead (eds.), pp. 49–79. Mygind, N. (ed.), (1996) Privatization and Financial Participation in the Baltic Countries, Copenhagen: Copenhagen Business School, pp. 95–122. Nuti, M. (1997) ‘Employeeism: Corporate Governance and Employee Ownership in Transitional Economies’, in M. I. Blejer and M. Škreb (eds.) Macroeconomic Stabilization in Transition Economies, Budapest: Central University Press, pp. 126–54. Pinto, B., Belka, M. and Krajewski, S. (1993) ‘Transforming State Enterprises in Poland’, Brookings Papers on Economic Activity, no 1: 213–70. Pohl, G., Anderson, R. E., Claessens, S. and Djankov, S. (1997) ‘Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options’, World Bank Technical Paper no. 368, The World Bank, Washington DC. Schleifer, A. and Vishny, R. (1997) ‘A Survey of Corporate Governance’, Journal of Finance, 52 (June): 737–83. Sertel, M. (ed.), (1996) Workers Enterprises: Alternatives in Privatization, Elsevier Science. Smith, S., Cin, B. and Vodopivec, M. (1997) ‘Privatization Incidence, Ownership Forms, and Firm Performance: Evidence from Slovenia’, Journal of Comparative Economics, 25: 158–79. Uvalić, M. and Vaughan-Whitehead, D. (eds.), (1997) Privatization Surprises in Transition Economies, Cheltenham: Edward Elgar. Weitzman, M. and Xu, C. (1994) ‘Chinese Township Village Enterprises as Vaguely Defined Cooperatives’, Journal of Comparative Economics, 22(2): 121–45.
11 Growth Theory and Transition Economies Ivo Bićanić 11.1 Introduction After almost a decade of ‘transitioning’ and ‘transforming’, it seems that for all the 27 transition economies, the first phase of economic transition is over. Decline in production has stopped for all of them and some have already experienced several years of economic growth. All have introduced markets and chosen a wide range of market structures and institutions to underpin them. Similarly, all have liberalized foreign trade but many have kept some form of restrictions on the capital account. Without exception, all have experienced major restructuring which has increased the share of services and small firms. Finally, all have experienced some degree of privatization, and through implementing very different mechanisms (which probably include all the possibilities available), have gained varied privatization experience. Thus the same basic common experience of the first phase has generated many different paths. The variety and variations of transition paths generated by the first phase is very wide and includes a whole range of possibilities. Various circumstances, as well as the time span which has generated limited data set for a ten-year period, have already led to first attempts to identify transition path regularities, patterns, similarities and country-specific differences. Two approaches seem to dominate these attempts. The first concentrates on trying to recognize factors influencing the course and extent of economic transition, namely its determinants; the second takes a broader view by offering a theoretical explanation of the changes. As a result, the range of interpretations on offer is already wide and with the blossoming of literature in both traditions this will likely increase. At one extreme are studies which concentrate on the 184
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Equality, Participation, Transition
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First published in Great Britain 20
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vi Contents 9 Self-Management, Empl
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List of Figures 02.1 First Law of O
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x Foreword institution most dear to
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Notes on the Contributors Ivo Bića
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xiv Notes on the Contributors membe
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xviii Notes on the Contributors pri
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Introduction: Branko Horvat - Beyon
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xxii Introduction Dame (1978), Univ
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xxiv Introduction theory led him to
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xxvi Introduction though friendly,
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xxviii Introduction The second pape
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xxx Introduction disciplines such a
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Branko Horvat: Select Bibliography
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xxxvi Branko Horvat: Select Bibliog
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2 Horvat’s Contributions to Econo
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10 Horvat’s Contributions to Econ
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2 Individual Initiative, Entry and
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28 Egalitarianism On Its Own Thomas
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30 Egalitarianism On Its Own projec
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32 Egalitarianism On Its Own absenc
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38 Egalitarianism On Its Own 100% 9
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40 Egalitarianism On Its Own contri
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42 Egalitarianism On Its Own anothe
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44 Egalitarianism On Its Own politi
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46 Egalitarianism On Its Own Eckel,
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4 Determinants of Cross-Country Inc
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50 Determinants of Income Inequalit
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56 GINI GINI 65 60 55 50 45 40 35 3
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Table 4.2 The regressions: dependen
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5 Illyrian Theories of Cooperative
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92 Employee Participation in Enterp
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EMPLOYEE RETURN ONLY PROFIT PROFIT
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100 Employee Participation in Enter
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7 Employee Involvement and the Mode
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104 Employee Involvement and the Mo
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8 Uneasy Symbiosis of a Market Econ
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120 Market Socialism in Yugoslavia
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Equality, Participation, Transition: Essays in Honour of Branko Horvat

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