Post-Socialist Privatization and Corporate Governance in the Light of Coase Theorem

Problems of verification of Coase theorem in general and in connection with post-socialist privatization and corporate governance in particular are considered in this article. The author discusses the position of W. Andreff presented in his paper (VE, 2001, No 12). The appeal to this theorem is actual because it has been used as the justification of post-socialist economies' privatization methods. Orthodox and heterodox views on privatization and corporate governance are explored. The author analyzes the reasons of reform failures in transitional economies and the ways of emerging markets development basing on two different models - oriented on stock market or banking activity.