Institutional Economic Theory of Property and Economic Reforms, Sukharev O. S.

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