Basic provisions, principles and criteria of institutional theory of privatization-nationalization and assets management in economy are introduced. Structural analysis of property in the aspect of its two basic elements, public and private property, is carried out and the model of interaction of public and private sectors is introduced. The main attention is paid to the efficiency estimation criteria of these property kinds functioning, and to expediency substantiation of property privatization and nationalization. The optimum principle of property structure in economic system is suggested. Peculiarities of privatization and nationalization in economic systems are analyzed proceeding from substantiation of theoretical criteria of privatization and nationalization in economy.
The ability of institutional economic theory to explain various kinds of economic reforms (changes) on the basis of theoretical ideas about the dysfunction of institutions and systems are investigated. A number of classifications of reforms and dysfunctions is introduced and kinds of institutional efficiency of economic systems are defined. Qualitative regularities of various reforms of the twentieth century in different countries are generalized. A number of criteria of effective institutional reforms, capable to lower the depth and the scale of dysfunctions of the functioning economic subsystems is formed. System approach to the analysis of economic systems reforming with underlining the importance of reform “management” factor which defines productivity of economic development is elaborated. Life cycle of institution and economic system in the process of its reforming is presented and correction of J. Hellmann’s model, describing the reform-ing logic of economy is made.
Keywords: property, structure, privatization, nationalization, efficiency criteria, optimum principle, institutions, dysfunction, economic reform, dysfunctions types of institutions and systems, kinds of reforms
Professor, Head of Sector of Institutional Analysis of Economic Dynamics at the Center of Evolutionary Theory and Economic Development of the Institute of Economics of the Russian Academy of Science. Author of more than 20 books and more than 300 papers on institutional economics, macroeconomics policy, innovation theory of companies and industry, theory of economic growth and institutional change. Oleg S. Sukharev is the author of the concept of dysfunction of institutions and economic systems, has developed a method for measuring dysfunctional states and evaluating the effectiveness of the system of economic organization, and proposed a model of neo-Shumpeterian competition “innovator–conservative” with correction of the findings for economic policy.