Constitutional Guarantees for Ownership Rights and the Development of the Market Economy

This paper presents an analysis of constitutional guarantees for ownership rights set in the key legislation of European states and their impact on the market economy growth. It focuses primarily on the evaluation of the guarantees set in the Constitution and other acting laws of Ukraine granting the ownership rights. In this study, the author employed such research methods as logical, observation, comparative law analysis, etc. The market economy is the opposite of planned economy since decisions are made on production, distribution, pricing, or investments by the owners of production means guided by their interests. Therefore, the topic of constitutional guarantees for ownership and the development of the market economy in post-Soviet and post-Socialist European states can be considered exclusively upon their regained independence (in case of former Soviet Union republics) or upon the collapse of the Socialist system and the termination of activities of the Council for Mutual Economic Assistance (in case of most European post-socialist states). A state would always pursue to restrict private ownership. The right cannot be considered as absolute but it shall be reliably protected by the state against any claims. Ownership rights, in line with such rights and freedoms as freedom of entrepreneurial activity, freedom of contract, freedom to choose the place of employment and residence, establish the legal framework for the market. This article may be of value to students of law and economics faculties, experts in the theory of law, constitutional law, and civil law.