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Privatization: Theory with Lessons from the United Kingdom

In: Contemporary Economic Theory

Author

Listed:
  • Ben Fine
  • Stavros Mavroudeas
  • Lefteris Tsoulfidis

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

Suggested Citation

  • Ben Fine & Stavros Mavroudeas & Lefteris Tsoulfidis, 1999. "Privatization: Theory with Lessons from the United Kingdom," Palgrave Macmillan Books, in: Andriana Vlachou (ed.), Contemporary Economic Theory, chapter 2, pages 41-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27714-8_2
    DOI: 10.1007/978-1-349-27714-8_2
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