Redressement des réformes

La plupart des économistes s'accordent maintenant à dire que la qualité des institutions est au cœur de la prospérité. Les pays riches représentent des places où les investisseurs se sentent respectés dans leur droit à la propriété privé, où la règle de droit règne, les incitations financières sont en accord avec les objectifs sociaux, les politiques fiscales et monétaires sont solidement enracinées, les risques sont compensés par le système des assurances sociales et les citoyens bénéficient de libertés civiles et de représentation politique. Les pays pauvres sont ceux où ces dispositions manquent ou sont mal organisées.

Comparons la Russie et la Chine. En Russie, un investisseur bénéficie en principe de la pleine protection d'un régime de propriété privée dont les droits sont mis en œuvre par un système judiciaire indépendant. En Chine, cette protection légale n'existe pas parce que la propriété privée n'y avait encore pas d'existence légale jusque récemment et les tribunaux ne sont pas indépendants.

Et pourtant, au cours des années 1995-1999, les investisseurs ont constamment mieux noté la Chine par rapport à la Russie en matière de règle de droit. Personne n'est apparemment surpris de constater que la Chine représente une meilleure protection que la Russie aux yeux des investisseurs, vu l'évolution évidente du système légal russe de ces dix dernières années. Le point le plus important reste le fossé creusé entre les lois et la manière dont elles sont perçues.

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