Abstract
Privatization is the transfer from government to private parties of the ownership of firms. Privatization programmes have been carried out worldwide since the mid-1980s, with important consequences for economic efficiency, public finance, and distribution. In competitive industries privatization generally has positive effects on incentives and performance. The economic consequences of privatizing firms with market power depend on the effectiveness of regulation and competition policy. These points are illustrated by experience in Britain, a leading exponent of privatization policies.
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Vickers, J. (2018). Privatization. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1449
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1449
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Online ISBN: 978-1-349-95189-5
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