This paper discusses the shifts in Hungarian privatization strategies and in the role of the gove... more This paper discusses the shifts in Hungarian privatization strategies and in the role of the government in changing the ownership structure. Analysing the forms of transformation, the goals and motivations of the participants (enterprises and government organizations) and the reasons for changing the main direction, it argues that the five-year history of Hungarian privatization indicates the mixed and unstable character of the process.
Politicians and analysts, businessmen and citizens generally agree that economic transformation s... more Politicians and analysts, businessmen and citizens generally agree that economic transformation should amount to the creation of a market economy. Paradoxically enough, the gradual establishment of the basic institutions of the market, including private ownership, stands in contrast to signs that another integration mechanism is being reactivated: namely, redistribution. Following a temporary withdrawal in the late 1980s and the very beginning of the 1980s, the direct redistributive function of the state seems to have gained new vigour. Redistribution1 was started by the government when it centralized ownership rights: in the earlier economic reforms these had been delegated to enterprise managements. The last step of decentralization was made in the mid-eighties, when enterprise councils (set up from representatives of the management and employees) were authorized to exercise most ownership rights, including the appointment of enterprise managers, to make decisions on mergers and acquisitions, and to establish companies with state assets. From 1990 on, several dozen enterprises were taken under direct administrative control one by one, and this process was followed by the enactment of mandatory corporatization in 1992. Direct state control and corporatization mean the removal of enterprise councils and the assignment of all ownership rights to the State Property Agency (SPA): i.e. to the central privatization organization controlled by and reporting to the government. Thus corporatization, which was to be completed by the end of 1993, can be identified as a form of "renationalization".2 According to Polanyi's definition, this in itself amounts to redistribution, i.e. the collecting of controlling rights. The question is, to what extent will central authorities be able or willing to utilize
Az 1990-es evekben uralkodo altalanos felfogas szerint a kozep-kelet-europai gazdasagi rendszerva... more Az 1990-es evekben uralkodo altalanos felfogas szerint a kozep-kelet-europai gazdasagi rendszervaltas egyik sarokkove a magantulajdon kiterjesztese, ezen belul az allami vagyon magankezbe adasa. Ezert az elmult evekben a szakirodalom es a politika is főkent ahhoz keresett erveket, hogy miert celszerű privatizalni az allami cegeket. A vegjatek, a maradekvagyon eladasa es esetenkent a sikertelen ugyletek korrekcioja ismet a politikai vitak kereszttuzebe allitotta a privatizacio kezdetetől vitatott elmeleti alapkerdeseket. Fontos-e egyaltalan a tulajdonos kilete? Mi indokolhatja az allami tulajdon fenntartasat-kiterjeszteset? Műkodhet-e az allam jobb tulajdonoskent piacgazdasagi feltetelek kozott, mint a tervgazdasagi hatterrel? Az elmeletek ervenyessege most, a piacgazdasagi atalakulas kozel masfel evtizedes tapasztalatainak birtokaban a gyakorlat alapjan is vizsgalhato. Journal of Economic Literature (JEL) kod: L33, G34.
A magyar allam reszvenytulajdona harom ev alatt megduplazodott. Allami kezbe kerultek energetikai... more A magyar allam reszvenytulajdona harom ev alatt megduplazodott. Allami kezbe kerultek energetikai oriasok es kisebb bankok, nagy kozszolgaltatok es apro boltok, nyereseges es a csőd szelen allo cegek, teljes pakettek es kisebbsegi reszesedesek. A lezaratlan folyamatrol keszult pillanatfelvetel azonban nem kaoszt, hanem egysegbe rendeződő kepet exponal: a koztulajdon kiterjesztese a gazdasag műkodeseről alkotott kormanyzati felfogas szerves resze, fontos, bar nem kizarolagos eszkoze az allami szerepvallalas modositasanak, a vagyonok es jovedelemszerzesi lehetősegek atrendezesenek. Az elemzes szerint az allami tulajdon nagysaganak valtozasa, ha az beagyazodik az egesz gazdasag műkodesi modjanak atformalasaba, akkor olyan jellegzetessegeket mutat, amelyek a politikai berendezkedestől, sőt a lepesek iranyatol is fuggetlenul jelentkeznek: a kozkezbe vetelnek es a privatizalasnak vannak hasonlo vonasai. Journal of Economic Literature (JEL) kod: H82, L32, P26.
1995-ben a kormany harom fontos privatizacios igeretet teljesitette: elinditotta az energetika-in... more 1995-ben a kormany harom fontos privatizacios igeretet teljesitette: elinditotta az energetika-infrastruktura nagy cegeinek eladasat, a bevetelekben merve gyorsitotta a privatizaciot, es novelte a keszpenzbevetelek reszaranyat a kedvezmenyes-ingye- nes elosztashoz viszonyitva. A privatizacio sikereve azonban paradox modon foly- tatasa volt a megelőző időszak nem-privatizaciojanak. A hosszu egeszen novem- berig tarto első felevben alig tortent valami, az esemenyek hirtelen felgyorsulasa viszont jelentős reszben csak tulajdonosvaltas volt, nem pedig a szo szűkebb ertel- meben vett privatizacio. Az energetika sok cege ugyanis nem maganbefektetők, ha- nem kulfoldi allami vagy kozossegi tulajdonban levő tarsasagok kezebe kerult. Az 1995-os nagy privatizacio nem annyira a gyorsulas kezdetenek, mint inkabb csak kiugro csucsnak tekinthető a folytatasra nincs semmilyen intezmenyes biztositek.
Page 1. EVA VOSZKA Ownership Reforms or Privatization? Unlike most writings on this topic, tis ar... more Page 1. EVA VOSZKA Ownership Reforms or Privatization? Unlike most writings on this topic, tis article does not intend to put forth new proposals but ratier to explain the concepts formulated so far, it is, of course, only one possible iterprtation. The guiding ...
This paper discusses the shifts in Hungarian privatization strategies and in the role of the gove... more This paper discusses the shifts in Hungarian privatization strategies and in the role of the government in changing the ownership structure. Analysing the forms of transformation, the goals and motivations of the participants (enterprises and government organizations) and the reasons for changing the main direction, it argues that the five-year history of Hungarian privatization indicates the mixed and unstable character of the process.
Politicians and analysts, businessmen and citizens generally agree that economic transformation s... more Politicians and analysts, businessmen and citizens generally agree that economic transformation should amount to the creation of a market economy. Paradoxically enough, the gradual establishment of the basic institutions of the market, including private ownership, stands in contrast to signs that another integration mechanism is being reactivated: namely, redistribution. Following a temporary withdrawal in the late 1980s and the very beginning of the 1980s, the direct redistributive function of the state seems to have gained new vigour. Redistribution1 was started by the government when it centralized ownership rights: in the earlier economic reforms these had been delegated to enterprise managements. The last step of decentralization was made in the mid-eighties, when enterprise councils (set up from representatives of the management and employees) were authorized to exercise most ownership rights, including the appointment of enterprise managers, to make decisions on mergers and acquisitions, and to establish companies with state assets. From 1990 on, several dozen enterprises were taken under direct administrative control one by one, and this process was followed by the enactment of mandatory corporatization in 1992. Direct state control and corporatization mean the removal of enterprise councils and the assignment of all ownership rights to the State Property Agency (SPA): i.e. to the central privatization organization controlled by and reporting to the government. Thus corporatization, which was to be completed by the end of 1993, can be identified as a form of "renationalization".2 According to Polanyi's definition, this in itself amounts to redistribution, i.e. the collecting of controlling rights. The question is, to what extent will central authorities be able or willing to utilize
Az 1990-es evekben uralkodo altalanos felfogas szerint a kozep-kelet-europai gazdasagi rendszerva... more Az 1990-es evekben uralkodo altalanos felfogas szerint a kozep-kelet-europai gazdasagi rendszervaltas egyik sarokkove a magantulajdon kiterjesztese, ezen belul az allami vagyon magankezbe adasa. Ezert az elmult evekben a szakirodalom es a politika is főkent ahhoz keresett erveket, hogy miert celszerű privatizalni az allami cegeket. A vegjatek, a maradekvagyon eladasa es esetenkent a sikertelen ugyletek korrekcioja ismet a politikai vitak kereszttuzebe allitotta a privatizacio kezdetetől vitatott elmeleti alapkerdeseket. Fontos-e egyaltalan a tulajdonos kilete? Mi indokolhatja az allami tulajdon fenntartasat-kiterjeszteset? Műkodhet-e az allam jobb tulajdonoskent piacgazdasagi feltetelek kozott, mint a tervgazdasagi hatterrel? Az elmeletek ervenyessege most, a piacgazdasagi atalakulas kozel masfel evtizedes tapasztalatainak birtokaban a gyakorlat alapjan is vizsgalhato. Journal of Economic Literature (JEL) kod: L33, G34.
A magyar allam reszvenytulajdona harom ev alatt megduplazodott. Allami kezbe kerultek energetikai... more A magyar allam reszvenytulajdona harom ev alatt megduplazodott. Allami kezbe kerultek energetikai oriasok es kisebb bankok, nagy kozszolgaltatok es apro boltok, nyereseges es a csőd szelen allo cegek, teljes pakettek es kisebbsegi reszesedesek. A lezaratlan folyamatrol keszult pillanatfelvetel azonban nem kaoszt, hanem egysegbe rendeződő kepet exponal: a koztulajdon kiterjesztese a gazdasag műkodeseről alkotott kormanyzati felfogas szerves resze, fontos, bar nem kizarolagos eszkoze az allami szerepvallalas modositasanak, a vagyonok es jovedelemszerzesi lehetősegek atrendezesenek. Az elemzes szerint az allami tulajdon nagysaganak valtozasa, ha az beagyazodik az egesz gazdasag műkodesi modjanak atformalasaba, akkor olyan jellegzetessegeket mutat, amelyek a politikai berendezkedestől, sőt a lepesek iranyatol is fuggetlenul jelentkeznek: a kozkezbe vetelnek es a privatizalasnak vannak hasonlo vonasai. Journal of Economic Literature (JEL) kod: H82, L32, P26.
1995-ben a kormany harom fontos privatizacios igeretet teljesitette: elinditotta az energetika-in... more 1995-ben a kormany harom fontos privatizacios igeretet teljesitette: elinditotta az energetika-infrastruktura nagy cegeinek eladasat, a bevetelekben merve gyorsitotta a privatizaciot, es novelte a keszpenzbevetelek reszaranyat a kedvezmenyes-ingye- nes elosztashoz viszonyitva. A privatizacio sikereve azonban paradox modon foly- tatasa volt a megelőző időszak nem-privatizaciojanak. A hosszu egeszen novem- berig tarto első felevben alig tortent valami, az esemenyek hirtelen felgyorsulasa viszont jelentős reszben csak tulajdonosvaltas volt, nem pedig a szo szűkebb ertel- meben vett privatizacio. Az energetika sok cege ugyanis nem maganbefektetők, ha- nem kulfoldi allami vagy kozossegi tulajdonban levő tarsasagok kezebe kerult. Az 1995-os nagy privatizacio nem annyira a gyorsulas kezdetenek, mint inkabb csak kiugro csucsnak tekinthető a folytatasra nincs semmilyen intezmenyes biztositek.
Page 1. EVA VOSZKA Ownership Reforms or Privatization? Unlike most writings on this topic, tis ar... more Page 1. EVA VOSZKA Ownership Reforms or Privatization? Unlike most writings on this topic, tis article does not intend to put forth new proposals but ratier to explain the concepts formulated so far, it is, of course, only one possible iterprtation. The guiding ...
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