MASSIVE DIVESTITURE AND PRIVATIZATION LESSONS FROM CHILE

Rolf J.lüders

Contemporary Economic Policy, 1991, vol. 9, issue 4, 1-19

Abstract: Between 1974 and 1989, the Chilean government privatized 550 state‐owned enterprises (SOEs). Before 1974, all but a handful of major corporations were SOEs. About 50 of the largest enterprises privatized during the 1970s fell into government hands again, only to be re‐privatized later. This was due partly to the economic and financial crisis affecting most Latin American countries during the early 1980s but also was a consequence of the privatization modes used. This paper analyzes that unique privatization experience so as to extract policy lessons. The analysis focuses on economic conditions, objectives of government policy, privatization modes, and the divestiture effects on employment, fiscal revenues, public sector wealth, spread of ownership, and capital market development.

Date: 1991
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