The Welfare and Political Economy Dimensions of Private versus State Enterprise

Paul Cook and Raul Fabella

Manchester School, 2002, vol. 70, issue 2, 246-261

Abstract: We revisit the theoretical debate concerning the merits of privatization by decomposing the welfare effect of transferring an enterprise from public to private ownership. A range of effects is considered including overproduction, subsidy valuation, redistribution, ownership and regulatory effects. The potential gains/losses from privatization are examined by considering the initial conditions facing enterprises under public ownership (whether technically and/or economically efficient) and a range of post‐privatization market structures (whether monopoly, oligopoly or Walrasian).

Date: 2002
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