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Evolving legal frameworks for private sector development in Central and Eastern Europe (Inglês)

The legal framework in a market economy has at a minimum four basic economic functions: to define the universe of property rights in the system; to set a framework for exchanging those rights; to set the rules for the entry and exit of actors into and out of production activities; and to oversee market structure and behavior to promote competition. These basic areas of law are joined by other important ones - such as labor, taxation, and banking, to name just three, that comprise the complex legal frameworks for private sector activity in advanced market economies. This discussion paper uses this general classification to analyze the evolving legal framework for private sector development in six transforming socialist economies of Central and Eastern Europe - Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovenia. It suggests some fundamental questions such analysis should address and provides a summary of developments in these countries. The most difficult and contentious challenge involves allocating real property rights, designing rules for the exit of ailing firms, and creating the conditions for free and fair competition. Although the legal structure is evolving rapidly in most areas, practice is still vey uncertain. The wide discretion and general lack of experience create legal uncertainty that hampers private sector development in the short-run.


  • Autor

    Gray, Cheryl W.

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    Europa e Ásia Central,

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    Europa e Ásia Central,

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    Evolving legal frameworks for private sector development in Central and Eastern Europe

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