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Governments throughout the world confront enormous challenges when
divesting. Whether it is poor-performing bank loans in Japan and
Korea, military bases in the United States, or real estate in
eastern Europe, the challenge of public divestment is more than
just a question of how to map a path to economic efficiency.
Conventional wisdom in public management and privatization
literature says that the execution of such enormous tasks as
divestment is typically done poorly, and that the government
strategy is likely to be inefficient. Mark Cassell argues that
privatization must be understood as a political and administrative
puzzle rather than simply an exercise in economic efficiency. This
study of two successful divestment agencies - the U.S. Resolution
Trust Corporation and the German Treuhandanstalt - presents a
complex understanding of the two agencies' performance in
privatizing hundreds of billions of dollars of assets following two
very different crises, the savings and loan debacle in the United
States and unification in Germany. In the U.S., the worst economic
problem since the Great Depression forced the government to
recreate and reshape private property on an immense scale. In
Germany, melding East and West Germany involved converting an
entire national economy that employed more than four million
people. In each case, unassuming public agencies handled two of the
largest public sales of assets in this century. Cassell identifies
the importance and effects of managerial structures and of national
institutions-legislatures and executives - on the outcomes of the
reform efforts. This book will be of interest to those interested
in alternatives to traditional public-sector structures, electoral
connections to bureaucracies, comparative political economy, and
the historic events of the aftermath of the savings and loan crisis
and German unification. It is crucial reading for policy and public
administration practitioners and scholars alike.
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Six! (Paperback)
Mark Cassell
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R218
Discovery Miles 2 180
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Ships in 10 - 15 working days
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