Chapter 18 - introducing Markets Flashcards
asset stripping
the acquisition of valuable assets during privatization with the intent of financial gain rather than eventual corporate restructuring
corporate governance
the manner in which the the internal operations of an enterprise or business are organized and operated
corporitization
the creation of a corporate type of ownership with shares that can be traded
de novo privatization
expansions of the private sector by the creation of new and usually small firms
direct sale
the transfer of ownership from one person to others without intermediate mechanisms - such as an auction
insider privatization
the sale of an enterprise to those who are employed by the enterprise
mass privatization
shifting the ownership of real property from the state to individuals on a wide scale rather than a selective basis
outsider privatization
the sale of an enterprise with people not connected to it in any way
restitution
in transition economies, the compensation for property seized by the state when communist governments assumed power
restructuring
changing the manner in which an enterprise is organized and functions internally
reversibility
the possibility, during transition, that the process of moving from plan to market might be slowed or reversed
social contract
the relationship between the people and the government as defined by institutions, laws, and policies
state privatization agency
in transitional economies, a state agency responsible for organizing and executing privatization
transparency
the openness of a process such that all aspects of the process can be observed and assessed
vouchers
a documents that represents and ownership claim that can be exercised to acquire the shares of an enterprise
