Privatization was the fundamental pillar of transition from plan to market in former socialist countries. But little is known about the fate of companies that were privatized in large scale privatization schemes such as mass privatization or management-employee buyouts. This is the first original study aiming to fill this gap. It assesses "wholesale privatization schemes" in three leading transition countries - the Czech Republic, Poland and Slovenia - in terms of the evolving concentration of ownership and relations to firm performance.

Advances in Financial Economics publishes peer reviewed quality manuscripts on any aspects of financial economics including corporate finance, financial institutions and markets and microeconomics.

The papers which make up the chapters of this book were given at a seminar in Oxford. The event took place following the election of the first Labour government for 17 years and following an announcement of the consultation process leading up to the publication of a Transport White Paper. The debates in the book contain reflections on the legacy of the previous administration and the challenges facing the new government.

Over the past decade India has been undertaking a program of economic reform, and at the same time the economy has been growing at a high rate. As part of the reform program, and in line with prevailing economic thinking, India has been privatizing its large, ungainly public sector. One assumption underlying this program is the dogma that public sector enterprises are doomed to inefficiency, and that competitive market forces can be relied on to make firms more efficient once they are privatized. But is this really true?
Combining rigorous data analysis with case studies to provide a balanced evaluation of the process of deregulation and privatization within the overall context of economic reforms, the author demonstrates, remarkably, that, contrary to the prevailing view, private sector firms do not outperform public sector firms across all sectors. He also shows that revenue-raising considerations have weighed more heavily with the government than efficiency objectives. Overall, this study of the reform process in India, with its unique longstanding mix of private and public sectors, will be of great interest to all those studying reform and transition worldwide.

The transformation of public ports into commercially orientated and profitable entities is occurring apace in the Asia-Pacific region. This timely book is the first to take a regional perspective on port reform and port privatisation. A range of countries are examined, including China, Japan, Korea, Malaysia, Singapore, Australia and New Zealand.The book's contributors are academic specialists in the fields of port economics and management, whose country studies illustrate a variety of port privatisation methods and outcomes in an economically, politically and culturally diverse region connected by extensive maritime trade networks. Significantly, the book concludes that privatisation of ports is an important but far from universal approach to reforming the region's ports. Focusing exclusively on port privatisation in the Asia-Pacific region, this book will be of great interest to academics and policymakers who are interested in port reform, together with those interested in privatisation more generally in the Asia-Pacific region.

Privatization and Economic Efficiency assesses the economic content of many of the beliefs surrounding privatization. It develops a new and novel inter-disciplinary approach linking economic and organizational dimensions.A series of case studies examines the theory, evidence and policy experience of privatization in developed and developing nations. These studies focus on the UK, US, Egypt and Jamaica. The book concludes that privatization is an appealingly simple phrase concealing many difficulties and problems for analysts, researchers and policymakers.

This book shows that privatization in Britain constitutes a form of state power. After analyzing the historical and ideological background, the study examines how market processes indirectly extend state control by governing participation in state asset sales, regulatory regimes, deregulated policymaking and the marketization of trade unions. Privatizing control remade British democracy. Direct state power has been concentrated and held in reserve, while market processes guide wide areas of routine decision-making. Thus, it is demonstrated that privatization has depoliticized choice and diminished freedom.

Privatization and Entrepreneurship: The Managerial Challenge in Central and Eastern Europe analyzes the challenges faced by managers in the transforming economies of Central and Eastern Europe and provides penetrating insights into the details of managing in the former socialist countries. This collection's combination of conceptual/theoretical material with empirical, firsthand case analysis prepares Western managers for a more profitable and less stressful entry into these significant markets.This enlightening book highlights the complexity and breadth of the issues and problems of successfully entering new markets in Central and Eastern Europe. Along the way, you are introduced to such topics as consumer behavior and shown the different forms of foreign direct investment with their associated problems and benefits. If you are searching for ways to better prepare for business in these markets, this book can help you meet your objectives with its helpful information on: ethical concerns and linguistic difficulties of managing in transforming economies management challenges of privatization management challenges of entrepreneurship strategic issues associated with the reorientation of enterprises corporate constituencies, changing consumers, labor unions, and pay practicesPrivatization and Entrepreneurship will prove valuable to policymakers in economic development and foreign aid agencies, executives of companies planning to expand into Europe and those already active in the region, and academicians and students in management, economics, and political science.

This title is the first in the Critical Perspectives on the World Economy series. With a new introduction by the editors it brings together the most significant contributions on privatization including material on the philosophical and historical context.
Specific subjects covered include:
* regulation and competition policy
* different forms and techniques of privatization
* the impact of privatization.
Drawing on an enormous range of sources, the collection includes material by Hayek, Harold Demsetz, Douglass North, Janos Kornai, Jean Tirole and Jeffrey Sachs. It is an indispensible reference for policy makers, as well as academics concerned with economic policy and public economics.

This book brings together specialists from different areas (governance, regulation, macro-econometrics, micro-econometrics, enterprise culture, foreign direct investment, technology transfer) to focus on the many different aspects of the privatization process in transition economies. The book does not dwell on the administrative or procedural aspects of privatization. Instead it attempts to understand the bigger picture in terms of underlying policy environment and supporting legal and economic measures which helped to a large extent to determine the eventual success or failure of privatization programs.

In many parts of the world, public enterprise is in crisis. Privatization programs are being widely promoted as the solution to many of the problems of inefficiency and slow rates of growth associated with public enterprise. This book discusses the underlying causes of those problems, and critically examines some of the solutions that have been adopted.
"Public Enterprise at the Crossroads" has a wide geographical scope and cuts across the political spectrum. The experiences of countries in four continents are analyzed, with explorations of current problems. The contributors find recurrent patterns; problems are often found to be political as well as economic, and bureaucracy and administrative confusion are seen as a major cause of poor financial performance. Yet since political aims, the economic environment, and administrative and managerial capacities vary so widely, universal solutions remain more difficult to define than universal problems.

This volume develops an analytical framework for the examination of the politics of privatisation. Dobek argues that privatisation is a strategy employed by politicians in their drive for power. The material resources and formal powers at the disposal of governments make them great patrons for the construction of coalitions, intended to promote the interests of political parties. The author further argues that, based on the examples of Great Britain and Poland, any privatisation campaign is ultimately shaped by political, rather than economic concerns. This text is designed to interest scholars and students of politics and economics.

This book provides an important new contribution to the literature about Eastern Europe following the political changes of the early 1990s. Its focus is on housing, which before these changes was dominated in all Eastern European countries by state control and, to a lesser extent, state provision. Here, the contributors aim to describe and analyze the fundamental changes that are now taking place as these housing systems, together with their supporting financial institutions and building industries, are privatized. This book provides an important new contribution to the literature about Eastern Europe following the political changes of the early 1990s. Its focus is on housing, which before these changes was dominated in all Eastern European countries by state control and, to a lesser extent, state provision. Here, the contributors aim to describe and analyze the fundamental changes that are now taking place as these housing systems, together with their supporting financial institutions and building industries, are privatized. The core of the book consists of seven chapters by Eastern European research teams, each covering a different country and providing accounts of local housing systems before and after the recent political changes. The core and supporting chapters all emphasize analysis of housing change with reference to social and political change and discussion of the effects of privatization on the availability and distribution of housing.

Throughout the world, governments are reducing their involvement in the area of telecommunications. Some telecommunications are being fully or partly privatized while others are experiencing deregulation. The situation in six Asian countries, four European countries, and two Latin American countries are examined. In addition, there is one chapter on the telecommunications business in developing countries as a whole. All sections explore the interaction with encroaching competition, new technology, and a desire for greater freedom.

This book presents a comprehensive overview and critical analysis of the processes of liberalization and privatization, and their consequences for economic performance, social cohesion and political democracy in the European Union. It examines the main drivers and the various theoretical rationales for privatisation in the context of different schools of thinking.
It argues on the basis of broad empirical evidence that privatisation in Europe, particularly the ongoing privatization of social services, undermines the basic elements of the different social models that have developed in Europe. These arguments are supported by a number of in-depth case studies, with specific focus on health care, education and finance. The authors of this volume advance from this critique and explore the basic requirements for a progressive public sector and its role for economic, social and democratic development.
This book will be indispensable reading for all interested in Economic Policy, Public Sector Economics, European Integration and Political Science.

The post-communist European countries have faced enormous political and economic problems in attempting the transformation to a market oriented economy through two of the most important channels influencing this process--privatization and foreign investments. Focusing on Russia, the Czech Republic, Hungary, Bulgaria, and Poland, the authors examine the trends toward privatization and the problems facing the countries economic managers and foreign investors. They explore what can be done to increase foreign direct and equity investment given the political risks involved in the economic transformation. Scholars and students of international economics, international trade, Russian and Eastern European studies, and government and international agencies should find this study on the relationship between privatization and foreign investment informative and useful.

With the dissolution of the Soviet Empire, it seemed that market capitalism had triumphed and that democracy might replace authoritarian regimes. Economic reformers in the former Eastern Bloc rushed to liberalize prices and transfer state assets to private hands. They assumed that private owners in a market setting would have no choice but to behave rationally-that is, to invest in restructuring privatized enterprises so as to maximize profits. They also assumed that these owners would perceive a stable institutional environment as conducive to economic success and thus become a powerful lobby in favor of the rule of law, paving the way for democracy. The post-communist reality turned out to be very different. Private owners found that in a weak state with limited laws and regulations and ineffective corporate governance structures, it was more lucrative to steal enterprise assets and exploit opportunities for arbitrage than to restructure enterprises. The lesson learned is that not all forms of private ownership are the same. As this book's in-depth political history of privatization in Central and Eastern Europe demonstrates, the way that assets are privatized matters, both with respect to national economic performance and the successful development of the rule of law. Andrew Harrison Schwartz had unprecedented access to high-level Czech government officials during the Czech Republic's privatization process. This book is the result of the unique insights he gained and the innovative analytical framework he subsequently developed-ownership regime theory-which for the first time places ownership structures at the center of political transition analysis. Engaging and important, The Politics of Greed applies ownership regime theory to a broad range of post-communist privatization cases, including those of the Czech Republic, Poland, Hungary, Russia, and Ukraine.

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.

Privatization began in the 1970s with Carter's deregulation of some business, and increased with the Thatcher administration in the United Kingdom, the Reagan administration in the United States, and many communist and socialist countries. One area of concern in privatization is transportation--airports, water ports, roads, and mass transit. Privatization can be implemented in financing, construction, operation, and maintenance of the transportation system, the main motives being the belief that the private sector can be more efficient than the public sector, and because public funds are becoming less plentiful for a variety of reasons. The focus is on ideas and innovations for expanding the private role in transportation. Specifically covered are ideas and innovations for expanding the role of private sector in U.S. transportation projects, private financing of urban transportation, airport privatization, water port improvement, toll roads, and competitive contracting for transit services. The distinguished list of contributors includes the co-recipient of the 1996 Nobel Prize in Economics, William Vickrey. The audience for the work are scholars dealing with the discussions concerning the economics and politics of privatization, business people who are likely to be interested in potential opportunities, governmental regulators and staff, and policy makers.

In recent decades, privatisation has been a key policy instrument in the move to more market-based economic systems in all parts of the developing world. Privatisation, however, has not necessarily been accompanied by an increase in market competition. In recent years, many public utilities have been privatised as monopolies and in addition regulatory systems have been developed to restrict their market power and protect the interests of consumers. These authoritative volumes bring together a collection of important papers that have shed new theoretical and empirical insights into privatisation and regulation and have provided new policy perspectives in relation to developing countries. Privatisation in Developing Countries will appeal to policymakers and researchers at the forefront of economic policy debates in developing countries.

Regulatory economics has become increasingly important over the last quarter of a century, in part as a result of the wave of privatization, starting in the UK, which made the regulation of monopoly of much greater interest. The discipline has also become more rigorous, increasingly employing powerful analytical and econometric methods. This volume brings together some of the leading contributions to the literature on privatization and regulation. The book is an invaluable resource for scholars, policymakers and regulators in the study of privatization and regulation.

This provocative report examines the trend toward competitive contracting of government functions. By focusing on four jurisdictions that hired private firms to handle welfare-to-work services, The Welfare Marketplace reveals the ways in which increased contracting with the private and nonprofit sectors is changing the role and capacity of government, threatening accountability and responsiveness to groups with special needs. Encouraging improved performance through market mechanisms creates particular challenges for the nonprofits who must balance their missions with the bottom line. The organization of service delivery to welfare clients has undergone significant restructuring as a result of the 1996 Welfare Reform Act, which encouraged states to contract with outside companies and for the first time allowed them to determine eligibility for welfare benefits. Seeking to assess the impact of this development, M. Bryna Sanger studied the competitive contract environment in San Diego, Milwaukee, New York, and Houston. Interviewing contracters, public officials, opinion leaders, and researchers revealed the comparative advantages of a variety of key players in the multi-sector service industry. Sanger's conclusions paint a complex picture of how competitive contracting arrangements have changed the ways vendors and government agencies serve their clients. While performance and innovation have improved in some cases, all the players are finding that adequate accountability and contract monitoring are more difficult and expensive than anticipated. Both for profits and nonprofits are quickly draining talent and capacity as they compete for experienced executives from government and from each other. Sanger argues that competitive contracting is here to stay, but it will require more -not less -government management and oversight. She urges scholars and practitioners to develop a more nuanced and sophisticated set of expectations about the costs and benefits of increased market arrangements for service delivery, especially when serving vulnerable populations.

The 31 articles in this book discuss the pros and cons of privatization of public services. Examined are the need for alternative service delivery; the process of privatization; concrete examples of privatizing services generic to local governments; precautions; and the future of privatization.

This timely new book provides an international perspective on Public Private Partnerships. Through 21 case studies, it investigates the existing and fast developing body of principles and practices from a wide range of countries and is the first book to bring together leading international academics and practitioners under a common framework that enables convenient cross-country comparisons. The authors focus on the impact of the financial crisis has had on how governments have reviewed and overhauled their PPP policies as they have examined or tested new ways of partnering more effectively, efficiently and sustainably with the private sector. Readers will be able to gauge the level of maturity of PPP development in the book's case studies, understand similarities and differences in their practices, and gain useful insights into the regulatory framework and institutional infrastructure in place to support implementation of PPP. Finally, the book offers insights into the future challenges and opportunities that PPP offers stakeholders.

Privatization is now a universal practice and is the result of a set of interrelated factors, all of which are explored in this collection. Privatization has also become an academic industry, generating a vast outpouring of books and articles. This authoritative two volume collection, which includes a new introduction by the editors, concentrates on the public policy of privatization, and explores its dimensions by presenting key theoretical and empirical articles. The volumes are also clearly interdisciplinary, bringing together for the first time articles informed by political science, economics and sociology. The collection will be invaluable for both practitioners and academics, especially those involved in the study of applied economics, public policy and political science.