Abstract If the Ukrainian economy is to be successfully restructured going forward, a restructured railway system will have to be part of the picture. This paper begins with a discussion of the crucial role that the Ukrainian railway plays in the Ukrainian economy. We follow with a survey of the...

Abstract Harold Demsetz (1967 . “Towards a Theory of Property Rights,” The American Economic Review 57(2): 350), in a seminal paper, developed an economic thesis of the emergence of private property: “[P]roperty rights develop to internalize externalities when the gains of internalization...

Abstract This paper argues that delivering free services is driven by a combination of motivations and explains how policy makers or other principals can exploit them to deal with underproduction of free services. We identify intrinsic motivation, respect and gratitude as main examples of...

Abstract “The Economic System of China” by Steven Cheung was originally presented as the lead paper at the 2008 Chicago Conference on China’s Market Transformation, organized by Professor Coase. While the paper, with a Chinese translation, has been available in China since 2009, it has not...

Abstract Governments and international development agencies often fail in their efforts to build and reform property and company registries. They implement misguided policies rooted in a poor understanding of the role that registries play in the modern economy. This work aims to remedy this...