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A Property Theory Perspective On Russian Enterprise Reform, Michael Heller
A Property Theory Perspective On Russian Enterprise Reform, Michael Heller
Book Chapters
Why have Russian enterprises performed so poorly since privatization? This is a problem with many answers, each independently sufficient: the bleak mix includes vacillating macroeconomic policy, endemic corruption, a corrosive tax structure, poor human capital, and so forth. Even well-performing companies must hide good results because visible profits or dividends provoke confiscatory taxation and mafia visits. In such a difficult environment, the rule of law generally, and corporate governance in particular, may seem not to count. Macroeconomic implosions dwarf subtle distinctions in corporate dividend rules or minority voting rights.
Corporate Governance Lessons From Russian Enterprise Fiascos, Merritt B. Fox, Michael A. Heller
Corporate Governance Lessons From Russian Enterprise Fiascos, Merritt B. Fox, Michael A. Heller
Articles
This Article draws on a rich array of deviant behavior in Russian enterprises to craft lessons for corporate governance theory. First, Professors Fox and Heller define corporate governance by looking to the economic functions of the firm. Based on this definition, they develop a typology that comprehensively shows all the channels through which bad corporate governance can inflict damage on a country's real economy. Second, they explain the causes of Russian enterprise fiascoes by looking to the particular initial conditions prevailing at privatization-untenable firm boundaries and insider allocation of firm shares-and the bargaining dynamics that have followed. This focus offers …
The Tragedy Of The Anticommons: Property In The Transition From Marx To Markets, Michael A. Heller
The Tragedy Of The Anticommons: Property In The Transition From Marx To Markets, Michael A. Heller
Articles
Why are many storefronts in Moscow empty, while street kiosks in front are full of goods? In this Article, Professor Heller develops a theory of anticommons property to help explain the puzzle of empty storefronts and full kiosks. Anticommons property can be understood as the mirror image of commons property. By definition, in a commons, multiple owners are each endowed with the privilege to use a given resource, and no one has the right to exclude another When too many owners hold such privileges of use, the resource is prone to overuse - a tragedy of the commons. Depleted fisheries …
Advising The Neocapitalists, James J. White
Advising The Neocapitalists, James J. White
Articles
I write to reflect on what American lawyers can and will do for these emerging free market economies. I am more skeptical than most.
Legal Education In The Soviet Union And Eastern Europe, Whitmore Gray
Legal Education In The Soviet Union And Eastern Europe, Whitmore Gray
Articles
The following notes are based on interviews with law professors, law students and lawyers during a brief trip in 1970 to Moscow, Budapest and Prague. On previous visits in 1959 and 1965 the writer had visited law schools in Kiev, Baku, Tbilisi, Alma Ata, Leningrad, Prague and Warsaw, and had sat in on lectures, recitation sections, and examinations.1 In looking this time for changes, the writer was particularly interested in whether there was some reflection there of the general student malaise which the United States has been experiencing, manifested in American law schools in student pressure for "relevant" courses and …