Private property in the post-soviet era?

[(A)(_|]

This has been something on my mind for some while.

Based on the assumption that all propety was state-owned during the soviet era; how was this property distributed afterwards? Did the state just hand it out to the first in line? I would imagine it was pretty hectic and unoragnized.

I'd appreciate articles and the like or an answer. Thanks in advanced :)

[ArrowLance]

This has been something on my mind for some while.

Based on the assumption that all propety was state-owned during the soviet era; how was this property distributed afterwards? Did the state just hand it out to the first in line? I would imagine it was pretty hectic and unoragnized.

I'd appreciate articles and the like or an answer. Thanks in advanced :)

I can't speak with authority but from what I heard it was basically a feeding frenzy for those that were waiting for the collapse. They swept in and claimed what they could defend claiming.

[FSL]

Each company's value was expressed in shares and these shares were "given to the public". Some of these companies went bankrupt immediately though since they depended on state support previously.
Many people, especially your average worker, had almost no understanding of a market economy so they immediately sold their shares to get money for their basic needs and pretty soon the whole of Russia ended up in the hands of few "oligarchs".

These are people who had managed to concentrate a decent amount of money during the USSR's time, either by illegal trade (that was legalized in 1987 I think) or by simply receiving better salaries and high bonuses. Once capitalism was restored they could turn that money into productive capital once again.

All in all, post USSR Russia probably saw the fastest accumulation of capital ever achieved. One more reason why the rich Russians nowadays tend to be as disgusting as rich people can get.

[bie]

In Poland state enterprises were simply put for a sale in number of privatization "waves", that first was in 1990-92. Theoretically the priority went to the inner vendor, but as the value of assets exceeded savings, huge majority went to the foreign investors (multinationals, banks etc.). It is estimated that the national economy was sold for less 9% of its real value (prof. Poznanski), mainly to big foreign capital. In 1997 40% of industry and 70% of banks belonged to the foreign capital (similar in Hungary). The privatized industries were or "restructured" (ie. people were fired and production was limited) or closed-down in order to open the market for the imported goods (often belonging to the same company - eg, Siemens who bough Elwro, which produced washing machines, closed it and started to import goods made in Germany). The whole process was done in the atmosphere of huge corruption - directors or managers appointed by the rulling coteries received bribes - typically 1 mln $ did a job - and deliberately brought the company towards bankruptcy and privatization for a 'tip'. For example in Kwidzyn there was one of the most modern paper factories in Europe, built in mid 1980 was sold to the foreign investor for the price lower than the value of the bare buildings. The income from the privatization was less than 9% of its real value. It is imperialism in action..