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On the Perils of Privatization

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  • Baumol, W.J.

Abstract

Privatization outside Eastern Europe has encountered more difficulties than are generally recognized. The firms sold by government are often endowed with market power in part because when nationalized they had been protected from competition. Consequently they are often subjected to tight regulation after becoming private. Thus, the role of market forces is kept to a minimum and regulators are repeating many of the welfare damaging mistakes their U.S. counterparts have recently been learning to avoid. This is spelled out and better regulatory procedures are described. Some brief comments on privatization in Eastern Europe are provided.
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Suggested Citation

  • Baumol, W.J., 1993. "On the Perils of Privatization," Working Papers 93-22, C.V. Starr Center for Applied Economics, New York University.
    • Handle: RePEc:cvs:starer:93-22
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    References listed on IDEAS

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    1. Sachs, Jeffrey D, 1992. "The Economic Transformation of Eastern Europe: The Case of Poland," Economic Change and Restructuring, Springer, vol. 25(1), pages 5-19.
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    Cited by:

    1. Ioannis N. Kessides, 2005. "The Challenges of Infrastructure Privatisation," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 3(01), pages 19-25, April.
    2. repec:ces:ifodic:v:3:y:2005:i:1:p:14567528 is not listed on IDEAS
    3. Ioannis N. Kessides, 2005. "The Challenges of Infrastructure Privatisation," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 3(1), pages 19-25, 04.

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    More about this item

    Keywords

    privatization;

    JEL classification:

    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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