The issue of denationalization raised by shill experts is often translated into the ideological framework with an a priori judgment that private companies are supposedly more efficient, and the change of owners itself has a positive impact on the level and rate of economic growth. But in fact, modern science shows there is no "universally suitable" form of ownership, and the enterprise efficiency involves, first of all, the competition level, the market structure, and the implemented business model. Further, of critical importance are the ability to concentrate resources for innovation, fixed assets modernization, and ultimately the creation of a product with unique consumer properties. Those are enhanced by created state-owned corporations. It is strongly felt by the international business community that Belarus has a fairly comfortable environment for life and work. It is safe and has many vacant niches. Of course, the Belarusian consumer market is not big enough for large investors, but there is a transit opportunity to enter the EEU space that is near 180 million people.
The invisible hand of the market today is only partially a communication-balancing mechanism of private and public interest, and global value chains are increasingly transformed by digitation effects stimulating protectionism rather than liberalism in cross-border trade and capital movements. The free competition prism makes it no longer possible to understand the functioning of both digital platforms, media and telecommunications, and also such traditional fields as pharmaceuticals, agricultural and industrial manufacturing. Oligopoly is becoming the predominant form of commodity flows in these sectors. The economic feasibility of making significant investments in new technologies under such conditions is becoming increasingly unclear for small and medium-sized businesses. The nature of those businesses is they do not think in strategic categories and do not, by and large, set the growth of national welfare as the main goal. Therefore, they will not, even on acceptable credit terms, risk significant funds invested in modernization with a long cost recovery cycle.
At the same time, for a small or medium-sized private company to grow to gigantic size and stay afloat, it will need a constant source of liquidity accumulated through developed exchange-traded instruments, innovative and open-end bond funds. The latter are the infrastructural components of an obsolete liberal capitalism moving into a new digital reality. Today, we no longer need challenging market institutions to know exactly and in real time who, when and to what extent needs money, and, most importantly, in what way they might be used to create added value and public goods. Whether we should go into the past is a rhetorical question, as our country is actively building a digital future.