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The Legal Framework For Private Sector Development In A Transitional Economy: The Case Of Poland, Cheryl W. Gray, Rebecca J. Hanson, Michael A. Heller, Peter G. Ianachkov, Daniel T. Ostas
The Legal Framework For Private Sector Development In A Transitional Economy: The Case Of Poland, Cheryl W. Gray, Rebecca J. Hanson, Michael A. Heller, Peter G. Ianachkov, Daniel T. Ostas
Faculty Scholarship
The economies of Central and Eastern Europe are in the midst of an historic transition from central planning and state ownership to market driven private sector development. This transition requires comprehensive changes in the "rules of the game" – i.e. the legal framework for economic activity. Markets presuppose a set of property rights and a system of laws or customs that enable the exchange of those rights. The legal framework in a market economy has at a minimum three basic functions:
- to define the universe of property rights in the system,
- to set the rules for the entry and exit …