Best island to travel to in hawaii for The Soviet Union and its allies after WORLD WAR II had achieved some moderate economic success based on state ownership, but the success was short-lived and all those countries are currently in the transition to private ownership. Moreover, state ownership over production resources in the former Soviet Union was not at all collective in the real sense. Whenever it was enforced, it was, by and large, private ownership by the top-ranking communist officials. Ownership and economic efficiency. Private ownership has arisen from scarcity of resources and its institution is vital to provide the society with an environment in which economic development can take place. A separate question is whether the identity of a particular owner matters for efficiency, or whether it is important just to have a well-delineated assignment of ownership rights, no matter who the owners are. On a very high level of abstraction, it can be shown that it is the institution of private ownership that matters while the identity of the owner does not matter for resource allocation. Best island to travel to in hawaii 2016.