Приватизация и рациональная структура собственности. Часть 2. Рационализация структуры собственности.

In the first part of the paper, it was shown that decisions on privatization have to be considered in the context of more general problem of finding a rational property structure in an economy. The second part demonstrates that public enterprises fulfill a number of special functions which are particularly important for developing resource abundant countries. Particularly, they can play a role of the modernization agents which initiate large scale projects in the frameworks of public-private partnerships. A concept of stationary property structure is introduced. A set of stationary structures exists under given conditions; the ”volume” of the set depends on transformation costs of privatization. This explains path-dependence of the observed structures. Some principles of the governance of the property structure are suggested which are supported by the analysis of the Norway experience. The causes of the cyclicity of the privatization policies are discussed, and the reasons of the coming mass privatization in Russia are analyzed. Recommendations are formulated to increase the efficiency of the Russian state sector governance.