Entwicklung und Transformation in der Logik der Eigentumsökonomik: Theorie und Praxis von Eigentum und genuiner Geldschaffung am Beispiel des Transformationsprozesses in Slowenien

Abstract

The search for determinants of economic development in this work focuses on the institution of property, whose theoretical foundation is provided by the property economics, founded by Gunnar Heinsohn and Otto Steiger. In the frame of property economics it is the interdependence of property rights, justice and freedom which is the driving force economic activity is based on. In contrary to rules of possession, property rights must be understood as the constituent element of economic activity. Property operations like credit and sales contracts between free proprietors, whose enforceability independent legal institutions have to ensure, make economic operations measurable so that interest and genuine money can arise. The institutional background of a genuine money issue is a modern two-tiered banking system in which one independent central bank and competing commercial banks act as market participants. They have to ensure the ability of money to fulfill contracts on international credit and capital markets. The significant impact of the institution of property for the transformation process is shown by highlighting the case of Slovenia. The Housing Act in particular has created lendable property rights while other property laws resulted in a relatively balanced distribution of property within the Slovenian population. In contrast to other transformation economies selective capital controls hindered foreign direct and portfolio investments. The transformation process in Slovenia shows that not due to a shortage of resources or money countries are underdeveloped. But moreover, without the institution of property a sustainable resource management and a self-sustaining economic development will fail.