The privatization of large state-owned enterprises is one of the
most radical policy developments of the last quarter century.
Right-wing governments have privatized in an effort to decrease the
size of government, while left-wing governments have privatized
either to compensate for the failures of state-owned firms or to
generate revenues. In this way, privatization has spread from
Europe to Latin America, from Asia to Africa, reaching its zenith
with Central and Eastern Europe's transition from socialism to
capitalism.
In many countries state ownership has been an important tool in
bringing cheap water, energy, and transport to poorer segments of
the population. In other instances, it has sponsored aggressive
cutbacks, corruption, and cronyism. Privatization: Successes and
Failures evaluates the practices and results of privatization in
Eastern Europe, Africa, Latin America, and Asia. Featuring the
world's leading economists and experts on privatization, this
volume offers a broad and balanced analysis of specific
privatization projects and uncovers some surprising trends. Partial
privatization, for example, tends to be more widespread than one
might think, and the effects of privatization on efficiency are
generally mixed but rarely negative. Also, while privatization
appears uncontroversial in competitive sectors, it becomes
increasingly complex in more monopolistic sectors where good
regulation is crucial. Privatization concludes with alternative
frameworks for countries in Africa and other regions that seek to
develop privatization policy and programs.
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