Reform Of Property Right System In Russia 's "Shock Therapy" And Its Influence

Economic system transition which began in the 1990 s has exerted major and influential impact on Russia’s social resource allocation and interest distribution.Many problems and phenomena emerged on the process of transition are related to the adjustment of interest relationship. Economic transition not only changes the interest structure in nature, but also triggers a series of social problems, which has inherent and substantial relation with the new property ownership system emerged on the process of Russia’s institutional change.As a model of a country with radical mode of economic system transition, Russia has performed the property ownership reform in a large scale in the 1990 s and used it as the core of system transition. Marxist economics holds the idea that property ownership relationship of production material is the core of ownership system and ownership system is the base of social production relationship. Modern western economics thinks that property ownership system is the core of economic system,property ownership system reform is the key content of economic system reform and the fundamental change of resource allocation mode. From that, it comes into the conclusion that property ownership reform plays a vital role on the transition process from countries of planned economy to market economy.The research of this thesis focus on the prior period of Russia’s transition, that is based on western property ownership theory, the senior government which is headed by Gaidar reformed on property ownership system, adopting a radical transition policy--- shock therapy in Russia. Property ownership economics thinks that property ownership is extremely important to efficiency, which was recognized by economist of our country as early as 1980 s and 1990s---on the condition of state ownership system, the uncertainty of defining property ownership impedes the effective allocation of resource and more effective realization of labor distribution. Therefore,for the market-oriented system transition, performing the necessary property ownership reform is the necessary premise of achieving the success of transition. The problem is how to reform? Which mode shall be used to reform? What is the ultimate purpose of reform?Russia’s property ownership reform bases on Coase’s theory of modern property ownership, aiming at achieving the transition from planned economy to market economy and seeking for economic growth and social development via speedyprivatization. However, the government did not have full acknowledgement and prepare well for the difficulty, complexity and chronicity of reform, they understood simply and hushed for success without feasible analysis and deep research on Coase’s theory of modern property ownership, without full consideration to Russia’s national condition and people’s interest. Therefore, Russia’s property ownership reform in the prior period did not reverse the declining trend of Russia’s economic downturn, but trigger a series of social problems, such as the gap between rich and poor disparity,the loss of state-owned assets and the formation of oligarchy group, etc. Property ownership reform is a long-term, difficult and dynamic process which shall be a part of reform from beginning to end, it can not be achieved overnight. Today, Russia has been paid for its radical reform mode. However, from the view of long-term development, the radical and painful mode lays foundation for Russia to establish real modern enterprise system and normal market economy and develop to modern country and society.