The book interrogates privatisation in terms of its effectiveness
vis-a-vis its stated goals and more fundamentally in terms of its
success in delivering economic development. It investigates why
privatisation was successful in the UK and other OECD countries and
why it has not met with equal success in developing countries. In
this regard, it further examines the policy prescriptions of the
IMF and World Bank in relation to the conceptualised benefits and
theoretical assumptions underlying these supposed benefits. The
author assesses the extent to which culture and customs, indeed the
mode of production, stand in determinate relationship to the goals,
techniques and outcome of the process. Furthermore, Chang examines
the degree to which socioeconomic and moral consequences of
privatisation have been ignored in pursuit of the ideological
imperative implicit in the Washington Consensus. Hence, the book
contributes to the reflective thought that must necessarily be part
of theory validation, and provides the basis for a balanced and
empirically-valid theory of privatisation.
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