Privatization: Theory with Lessons from the United Kingdom

Ben Fine, Stavros Mavroudeas () and Lefteris Tsoulfidis ()

Chapter 2 in Contemporary Economic Theory, 1999, pp 41-71 from Palgrave Macmillan

Abstract: Abstract Privatization is now well established as a policy and practice throughout the world.1 In the United Kingdom, the value of privatized assets on the British stock exchange has reached over £100 billion in 1992,2 as much as 14 per cent of the share value of domestic companies.3 Privatization has included state corporations previously covering electricity, gas, water, airlines, airports, cars, steel, coal and telecommunications. Nonetheless, privatization has not been as all-conquering as its media hype might suggest. The World Bank (1995) has bemoaned the limited extent of privatization in developing countries and the lack of success where it has occurred. It has even confessed that its pressure for privatization may have been premature given the absence of the necessary political and economic preconditions for privatization to be adopted and to be successful.4

Keywords: Private Sector; Public Sector; Political Economy; Market Failure; Industrial Policy (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27714-8_2

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DOI: 10.1007/978-1-349-27714-8_2

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