Приватизация И Рациональная Структура Собственности. Часть 1. Приватизация: Проблема Эффективности[Privatization and the rational ownership structure. Part 1: privatization: the effeciency problem]

The problem of public sector governance is considered as the task of improving the ownership structure of the economy. In this regard, the first part of the paper provides a brief overview of the theory of privatization. The arguments of supporters and opponents of privatization are confronted with the results of the privatization campaigns in the developing as well as developed countries, including their contemporary and past experience. The costs and potential benefits of privatization are analyzed, focusing on the current Russian conditions. The analysis shows that the costs and benefits depend on the quality of governance and the quality of the market; the effectiveness of privatization increases in both variables. The negative impact of privatization campaigns on both business performance and economic growth occurs in developing countries more often than in developed countries. Thus, the decision on privatization should be considered in the context of a more general problem of finding a rational structure of ownership in the economy.