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The Challenges of Privatization - An International Analysis (Hardcover, New)
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The Challenges of Privatization - An International Analysis (Hardcover, New)
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From 1997 to 2001, more than 4,000 privatization operations have
been carried out in more than 100 countries, bringing in government
revenues of over 1,362 billion dollars. The phenomenon, which grew
exponentially at the end of the 1990s and then abruptly slowed
down, had dramatic consequences on the performance of state-owned
enterprises and a significant impact on industrialized countries,
as well as emerging and less developed economies. Yet there have
been surprisingly few attempts to provide a systematic empirical
account of the privatization process at the worldwide level. Why do
governments privatize? Why do some countries accomplish large-scale
privatization programmes, and others never privatize at all? Is
privatization a trend or a cycle? Furthermore, how do governments
privatize? Do governments really transfer ownership and control of
state-owned enterprises or does private ownership tend to coexist
with public control? This book provides some answers to these
important questions trying to test research hypotheses set forth by
the recent economic theory of privatization. Comprehensive
cross-country empirical analyses carried out over a period of more
than twenty years are used in the book to show that privatization
has taken place all over the world, sometimes spontaneously, more
often under the pressure of economic and budgetary constraints.
Several of the goals of the privatization have been met, but
despite proclamations and programmes, only a small minority of
countries has carried out a genuine privatization process,
completely transferring ownership of state-owned enterprises to the
private sector. A lack of political will is to some extent at the
root of this reluctance. However this reluctance can be traced back
partly to structural factors that would make an orderly
privatization difficult, such as the absence of developed capital
markets, appropriate regulation, and suitable institutions.
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