Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.

Privatization has spread worldwide during the 1980s and 1990s, reshaping the balance between state and market in many countries. This book provides a comparative political analysis of privatization in the UK, United States and France. The authors argue that privatization is a political phenomenon and should be analyzed as such, rather than as an economic response to the growth of the state and the cost of state provision. The book will be of interest to students of politics, economics, public policy and business studies, as well as to policy-makers and business consultants.

American prisons and jails are overflowing with inmates. To relieve the pressure, courts have imposed fines on overcrowded facilities and fiscally strapped governments have been forced to release numerous prisoners prematurely. In this study, noted criminologist Charles Logan makes the case for commercial operation of prisons and jails as an alternative to the government's monopoly. On philosophical, economic, legal, and practical grounds, Logan argues a compelling case for the private and commercial operation of prisons. He critically examines all objections raised by opponents, and concludes that while private prisons face many potential problems, they do so primarily because they are prisons, not because they are private. Historically, the record of private ownership and operation of corrections facilities has been bleak--ridden with political corruption, physical abuse of prisoners, and the single-minded pursuit of profits. This study demonstrates that this need not be the case. Critiquing the tendency to contrast private prisons with a hypothetical ideal, Logan instead compares them with existing public institutions, arguing that the potential problems attributed to private prisons are experienced by their public counterparts. The work examines ten sets of issues, including the propriety, cost, security, and quantity of prisons, to set out a strong case for the viability of proprietary prisons.

Human Rights after Corporate Personhood offers a rich overview of current debates, and seeks to transcend the "outrage response" often found in public discourse and corporate legal theory. Through original and innovative analyses, the volume offers an alternative account of corporate juridical personality and its relation to the human, one that departs from accounts offered by public law. In addition, it explores opportunities for the application of legal personality to assist progressive projects, including, but not limited to, environmental justice, animal rights, and Indigenous land claims. Presented accessibly for the benefit of non-specialist readers, the volume offers original arguments and draws on eclectic sources, from law and poetry to fiction and film. At the same time, it is firmly grounded in legal scholarship and, thus, serves as an essential reference for scholars, students, lawmakers, and anyone seeking a better understanding of the interface between corporations and the law in the twenty-first century.

Arguably, the two most important forces affecting the world economy in the closing decades of the 20th century were globalization and privatization. Here, privatization refers to the retreat of the state from the economic arena, while globalization refers to the worldwide spread of efficient market-based systems and the consequent growth of multinational firms. The twin forces of privatization and globalization have proceeded in parallel, but have nonetheless had significant interactions with one another. (i) the spectacular collapse of the state-run socialist economies; (ii) the transfer of state-run enterprises to market governance in much of Western Europe; and (iii) the more subtle dismantling of state controls and legal monopolies in some sectors in the United States.

Privatization has dominated industrial restructuring programs since the 1980s and continues to do so. This authoritative and accessible Handbook considers all aspects of this key issue, including: the theory of privatization; privatization in transition, developed and developing economies; as well the economic regulation of privatized industries. The studies in this volume, introduced by international experts in the field present evidence of the scope and effects of privatization, and consequently provide the basis for improving both policy formulation and implementation. However, they also emphasize that privatization is not an end in itself. It is argued that for privatization to be worthwhile and for lasting economic efficiency gains to be achieved, supporting reforms must accompany most privatization programs, particularly in the arenas of corporate governance and capital markets, product market competition, and state regulatory processes. Furthermore, several contributions demonstrate that the degree to which ownership and market liberalization can be usefully separated, and whether privatization without either competition or effective regulation is worthwhile, remain controversial issues. Furnishing the reader with a comprehensive and lively discussion of privatization in theory and practice, this Handbook will be the essential source of information for researchers in the field, and for a wide-ranging audience including public policy makers and specialists, development experts and agencies, international banks, public policy and regulation economists, and management consultants.

Privatization, Deregulation and the Macroeconomy focuses on the macroeconomic consequences of microeconomic rigidity in the markets for goods or services and the reforms necessary to create economic dynamism. Peter van Bergeijk and Robert Haffner address questions of how market structure, competition policy, over-regulation and collusive behaviour may influence macroeconomic performance. Drawing on many examples from the OECD countries (most notably, Germany, New Zealand, Australia and the Netherlands), Eastern Europe and the Third World, the authors show how economic policies intended to provide greater flexibility can be analysed. The authors examine the diagnosis or measurement of product market inertia at the mesoeconomic level and its consequences at the macroeconomic level such as employment, per capita income growth and price stability. In Privatization, Deregulation and the Macroeconomy, Peter van Bergeijk and Robert Haffner deal not only with practical policy matters but also with the theoretical issues of how to determine price rigidity (hysteresis on the product markets) and their macroeconomic implications. This book will be welcomed by economists interested in industrial organization, macroeconomics, neo Keynesianism, development economics and transitional economies and will also be of interest to policymakers.

Cheap, reliable energy has been one of British Columbia's most important competitive advantages and a key contributor to the province's prosperity. BC's energy costs have been based on the actual cost of production. Under new government policy, future energy will not be generated by BC hydro, but will be purchased from private energy producers.John Calvert shows how BC's successful public energy system is being supplanted by a deregulated private electrical system. This will effectively transfer control of the system to private interests. It will also expose BC ratepayers to the risks and uncertainties associated with the United States energy market as BC's system in gradually integrated into the larger Pacific northwest transmission grid - a grid largely controlled by US energy corporations. The government, says Calvert, has gone to extraordinary lengths to provide a supportive financial, environmental, legal and ownership framework to assist the growth of private energy investments in BC.

Britain's privatised railways continure to provoke debate about the organisation, financing, and development of the railway system. This important book, written by Britain's leading railway historian, provides an authoritative account of the progress made by British Rail prior to privatisation, and a unique insight into its difficult role in the government's privatisation planning from 1989. Based on free access to the British Railway Board's rich archives, the book provides a comprehensive analysis of the main themes: a process of continuous organisational change; the existence of a persistent government audit; perennial investment restraints; the directive to reduce operating costs and improve productivity; a concern with financial performance, technological change, service quality, and the management of industrial relations; and the Board's ambiguous position as the Conservative government pressed home its privatisation programme. The introduction of sector management from 1982 and the 'Organising for Quality' initiative of the early 1990s, the Serpell Report on railway finances of 1983, the sale of the subsidiary businesses, the large-scale investment in the Channel Tunnel, and the obsession with safety which followed the Clapham accident of 1988, are all examined in depth. In the conclusion, the author reviews the successes and failures of the public sector, rehearses the arguments for and against integration in the railway industry, and contrasts what many have termed 'the golden age' of the mid-late 1980s, when the British Rail-government relationship was arguably at its most effective, with what has happened since 1994.

This book, written by Britain's leading railway historian, provides an authoritative account of the progress made by British Rail prior to privatisation and a unique insight into its difficult role in the government's privatisation planning from 1989. Based on privileged access to the British Railway Board's rich archives, Terry Gourvish presents a comprehensive analysis which traces the external pressures on British Rail and its own changing internal organization between 1974 and 1997.

This is the first book to use a comparative approach to examine the effects of different constitutional and legal traditions on privatization. Cosmo Graham and Tony Prosser focus on privatization in the UK and France. They suggest that the British Government was remarkably free from constitutional limitation, whereas in France the written constitution imposed important restrictions on the scope of privatization and on the arrangements of the pricing of shares. They go on to describe the links created between privatized enterprises and government by devices such a golden shares and analyse the constraints of competition law and the regulatory arrangements in Britain. They also compare the British regulatory agencies with those in the US, looking in particular at the way in which the influence of Federal and State constitutions has led to the incorporation of significant elements of openness in decision-making procedures. This detailed analysis of the effect of legal constraints on economic policy adds a constitutional dimension to what has primarily been seen as an economic issue, and will make a unique and valuable contribution to current debates in political studies.

The task of turning the state-owned assets of the Eastern European countries over to private ownership is one of the most challenging of our time, both intellectually and in practical terms. Ivan Major's in-depth critique of the plans and programmes of the East European governments addresses the core issues of privatization from the perspective of both potential winners and losers. After discussing the analytical framework, he offers an assessment of the legacy of the command economy and includes individual country studies of Czechoslovakia, the former GDR, Hungary, Poland and the former Soviet Union. The following chapters look at the theoretical, political and economic underpinning as well as assessments of the initial results of East European privatizations. Dr Major argues that the whole network of political regulation must be dismantled if an efficient market economy is to emerge. Privatization in Eastern Europe offers a critical analysis of the movement towards privatization in Eastern Europe as well as an authoritative assessment of the existing literature. This book will be welcomed by scholars and policymakers as an important source of analysis, argument and information.

There has been much speculation about the introduction of the contract culture in the public services and its consequences for those involved (including service users). This book, which is based on original research, sets out to examine the impact of contracts in three areas of the public service: health, social services, and other government activities. These findings are set in the context of policy development for the public sector as a whole. Detailed case studies in selected areas reveal the varying different patterns that have emerged. A study of the attitudes of those involved illuminates the different perspectives of participants. In the concluding chapters the authors review the policy implications of the study and identify likely future developments.

Ziel der Autoren ist, die bisherigen internationalen Erfahrungen mit Privatisierungsprozessen in kompakter und ubersichtlicher Form zusammenzustellen und daraus adaquate Vorgehensweisen abzuleiten."

One of the most enduring legacies of the 1980s has been the programme of privatizations that the Thatcher government set in train, and which has influenced economic policy throughout the world - most recently in Eastern Europe as it moves away from socialism towards capitalism. This book stands back and examines what has been learnt from the privatization programme mnow completed, and considers what remains to be done.

The trend towards privatization has been particularly strong in the 1980s and 1990s. In the UK, some of the most important public utilities such as telecommunications, gas, and electricity have been privatized. Following unification, Germany is having to privatize an entire economy. This book examines the form of privatization, a topic which has not previously been subjected to rigorous economic analysis, and provides a comprehensive and thorough survey of arguments both for and against it. Both positive and welfare-economic approaches to deal with the complex problems of the transition from public to private ownership are discussed. The author also examines the central issues of privatization such as why efficiency increases can be expected as a result of privatization, whether full privatization coupled with subsequent regulation is better than partial privatization with the government regulating from within the firm. He also looks at the role of trade unions in the privatization process.

""Territory, Authority, Rights" takes up pivotal sources of friction in a process of globalization too often seen as simple and inexorable. With clarity and insight Sassen shows how the meaning of each is reconfigured in contemporary social change. Her work is essential to making sense of practical problems as well as theoretical issues."--Craig Calhoun, Social Science Research Council

"Saskia Sassen is a spectacularly original thinker. She offers us not only new concepts, but often a new vocabulary. Her central insight in "Territory, Authority, Rights," that understanding globalization actually requires focusing on the national-or more precisely, the phenomenon of 'denationalization' of many familiar domestic institutions and processes-opens the door to reimagining and retheorizing some of the most fundamental physical and political elements of our world."--Anne-Marie Slaughter, Princeton University

"In this brilliant and pioneering work, Saskia Sassen provides a whole new way of thinking about globalization and political development generally. This is a stunning achievement. One of the beauties of the book is its careful historical analysis that puts the globalizing present in the contexts of the past. However, not only is the message important, but also the author's way of illustrating the story in wonderful detail, so we are reading specifics as well as sweeping abstract ideas."--Yale H. Ferguson, Rutgers University, Newark

""Territory, Authority, Rights" is a bold new work by the leading scholar of globalization. It will undoubtedly engage the author's many fans, renewing the conversation about globalization that Sassen has shaped in such substantial ways over the pasttwenty years. But far more than merely bringing her readers up to date with her thinking, the book also represents a major new theorization of globalization. Profoundly multidisciplinary, it will reach new audiences, and in the process redefine the issues, possibilities, and theoretical stakes in globalization. Sassen responds to globalization's critics from both right and left, carving out a distinctive analytical path with critical foundations of its own. The result is persuasive and compelling--a brilliant achievement that will define the research agenda with respect to globalization for years to come."--Alfred Aman, Indiana University School of Law

The late Honourable Michael Wilson was a Canadian politician and business professional. As Minister of Finance under Brian Mulroney, Wilson was one of the key negotiators of the Canada-United States Free Trade Agreement - one of Canada's most important economic agreements in the last 50 years, later superseded by NAFTA. In addition, Wilson was responsible for implementing the controversial Goods and Services Tax (GST), which remains key to the federal government today. After his life in Parliament, Wilson served as Ambassador to the United States and Chancellor of the University of Toronto. Outside of politics, Wilson was active in raising awareness of mental health issues following the traumatic loss of his son, Cameron, to suicide. Devoting considerable time to advocacy, he established the Cameron Parker Holcombe Wilson Chair in Depression Studies at the University of Toronto and served as Board Chair for the Mental Health Commission of Canada. Something within Me highlights how Wilson's personal life blended with his political life and accomplishments, detailing his advocacy for mental health awareness as well his involvement in important pieces of legislation that made significant impacts in Canadian political and economic history. These deeply personal stories, particularly those of a father grappling with his son's illness and death, remind us of the lives behind the political personas that shape our world.

Privatisation is supposed to bring about the retreat of the state. But what happens when the state privatises itself and even its core functions - tax collection, internal security, customs - are auctioned to the highest bidder? Does this imply a weakening of the state? Or, rather, does it lead to a scrutiny and control? The contributors to this work examine these phenomena in the former "Second" and "Third World" (Central and Eastern Europe, China and other parts of Asia and Africa) highlighting the very different ways in which continuing state interference and privatisation are implemented. What we are witnessing, according to this study, is not the eclipse of the state under the impact of globalisation but the end of the relatively short era of the "development state" and its commanding role. privatisation does not necessarily lead to a weakening of state control; it leads to new, and often more informal, forms of interference and influence, and it is these that are the book's central theme.

From 1978 through the turn of the century, China was transformed from a state-owned economy into a predominantly private economy. This fundamental change took place under the Chinese Communist Party (CCP), which has been ideologically and politically predisposed to suppress private ownership. In Dancing with the Devil, Yi-min Lin explains how and why such a paradoxical reality came about. He shows that private ownership became a necessary evil for the CCP because the public sector was increasingly unable to address two essential concerns for regime survival: employment and revenue. Focusing on political actors as major change agents, Lin examines how their self-interested behavior led to the decline of public ownership in the context of China's evolving demographics and fiscal system. The constraints and incentives associated with these factors help explain CCP leaders' initial decision to allow limited private economic activities at the outset of reform. They also shed light on the ballooning opportunism among lower officials, which undermined the vitality of public enterprises. Furthermore, they hold a key to understanding the timing of the massive privatization in the late 1990s, as well as its tempo and spread thereafter. Dancing with the Devil illustrates how the driving forces developed and played out in these intertwined episodes of the story. In so doing, it offers new insights into the mechanisms of China's economic transformation and enriches theories of institutional change.

The Electrification of Russia, 1880-1926 is the first full account of the widespread adoption of electricity in Russia, from the beginning in the 1880s to its early years as a state technology under Soviet rule. Jonathan Coopersmith has mined the archives for both the tsarist and the Soviet periods to examine a crucial element in the modernization of Russia. Coopersmith shows how the Communist Party forged an alliance with engineers to harness the socially transformative power of this science-based enterprise. A centralized plan of electrification triumphed, to the benefit of the Communist Party and the detriment of local governments and the electrical engineers. Coopersmith's narrative of how this came to be elucidates the deep-seated and chronic conflict between the utopianism of Soviet ideology and the reality of Soviet politics and economics.

This book provides insights into infrastructure sector performance by focusing on the links between key indicators for utilities, and changes in ownership, regulatory agency governance, and corporate governance, among other dimensions. By linking inputs and outputs over the last 15 years, the analysis is able to uncover key determinants that have impacted performance and address why the effects of such dimensions resulted in significant changes in the performance of infrastructure service provision.

Every year the Institute of Economic Affairs and the London Business School publish a volume of essays about Britain's system of utility regulation, with additional discussion of regulation in other countries. The book is a must for those interested in regulation, because it is an up-to-date review of the major issues in the field and includes the views of the sector regulators and the general competition authorities. Two papers are presented on each issue: the first by a distinguished academic or other expert and the second, a shorter comment, usually by the relevant regulator.