Privatization: theory and evidence
Abstract
Privatisation is very much the flavour of the day. Many enthusiasts of privatisation seem to
believe that a shift from public to private ownership will automatically make for improved
performance. Yet there is little in economic theory or the empirical evidence on privatisation
that lends support to such a simplistic belief. The evidence on the impact of privatisation is by
no means unmixed. In particular, in less developed countries, where law enforcement and
corporate governance tend to be weak, private ownership does not necessarily make for better
performance. It is possible, based on the research on privatisation, to draw some tentative
conclusions for privatisation policy in a context such as ours
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