Privatization has dominated industrial restructuring programs since the 1980s and continues to do so. This authoritative and accessible Handbook considers all aspects of this key issue, including: the theory of privatization; privatization in transition, developed and developing economies; as well the economic regulation of privatized industries.
The studies in this volume, introduced by international experts in the field present evidence of the scope and effects of privatization, and consequently provide the basis for improving both policy formulation and implementation. However, they also emphasize that privatization is not an end in itself. It is argued that for privatization to be worthwhile and for lasting economic efficiency gains to be achieved, supporting reforms must accompany most privatization programs, particularly in the arenas of corporate governance and capital markets, product market competition, and state regulatory processes. Furthermore, several contributions demonstrate that the degree to which ownership and market liberalization can be usefully separated, and whether privatization without either competition or effective regulation is worthwhile, remain controversial issues.
Furnishing the reader with a comprehensive and lively discussion of privatization in theory and practice, this Handbook will be the essential source of information for researchers in the field, and for a wide-ranging audience including public policy makers and specialists, development experts and agencies, international banks, public policy and regulation economists, and management consultants.
Edited by David Parker, formerly Research Professor in Privatisation and Regulation, Cranfield School of Management, Cranfield University, UK and Co-Director, Regulation Research Programme, Centre on Regulation and Competition, University of Manchester, UK and David Saal, Professor of Microeconomics and Co-Director, Centre for Productivity and Performance, Loughborough University and Research Professor, German Institute for Economic Research (DIW Berlin), Germany
Contents: Preface 1. Introduction David Parker and David Saal Part I: Privatization in Theory and Practice 2. History and Methods of Privatization William L. Megginson and Jeffry M. Netter 3. Privatization: Analysing the Benefits Colin Robinson 4. Privatization: A Sceptical Analysis Johan Willner 5. Methods of Privatization Cosmo Graham Part II: Privatization in Developed Economies 6. Privatization in the European Union David Parker 7. Privatization in North America Anthony E. Boardman, Claude Laurin and Aidan R. Vining 8. Privatization: The Australian Experience Graeme A. Hodge 9. Postal Privatization in the United States Michael A. Crew and Paul R. Kleindorfer Part III: Privatization in Developing Countries 10. Assessing the Impact of Privatization in Developing Countries Paul Cook and Colin Kirkpatrick 11. The Privatization Experience of Brazil Werner Baer 12. Privatization in China Joseph C.H. Chai 13. Privatization in Mexico and Chile: A Critical Perspective Miguel D. Ramirez 14. Privatization in South Africa Erwin Schwella 15. Privatization in Sub-Sahara Africa Paul Bennell Part IV: Privatization in the Transition Economies 16. Privatization and Corporate Governance in Transition Economies: Theory and Concepts Igor Filatotchev 17. Privatization in Russia Paul Hare and Alexander Muravyev 18. Privatization and Corporate Governance in the Czech Republic Michal Mejstrik 19. All Roads Lead to Outside Ownership: Polish Piecemeal Privatization Thomasz Mickiewicz and Maciej Baltowski 20. Privatization in Hungary and its Aftermath Ivan Major 21. Privatization in Ukraine Saul Estrin and Adam Rosevear Part V: Regulating Privatized Industries 22. Regulation: Theory and Concepts Dieter Bos 23. Regulating Prices and Profits Thomas Weyman-Jones 24. Comparing Regulatory Systems Anthony Ogus 25. Privatization and Regulation of Public Utilities: Problems and Challenges for Developing Economies David Parker 26. Restructuring, Regulation and the Liberalization of Privatized Utilities in the UK David Saal Index