Privatization

From Regulation of Economic Activity

Privatization

An Economic Analysis

By John Stuart Vickers and George Yarrow

Overview

Author(s)

Praise

Summary

This comprehensive analysis of the British privatization program offers insights into recent policies on privatization, competition, and regulation in a country that has by far the greatest experience with this growing worldwide phenomenon. The process of selling assets and enterprises to the private sector raises theoretical questions about natural monopolies, the efficiency and equity of state owned versus privately-owned enterprises, and industrial policy. Privatization explores these questions both theoretically and empirically. After providing theoretical perspectives on the economics of ownership, competition, and regulation, the authors assess privatization policies in key industries: telecommunications, energy, transport, and water. They argue that the government's haste to transfer ownership reflects a misplaced priority, and that the main thrust of policy should be to improve industrial efficiency by stimulating competition and, providing effective regulation.

Privatization: An Economic Analysis is included in the series Regulation of Economic Activity, edited by Richard Schmalensee.

Hardcover

Out of Print ISBN: 9780262220330 454 pp. | 6 in x 9 in

Paperback

$40.00 X ISBN: 9780262720113 454 pp. | 6 in x 9 in

Endorsements

  • This book should be required discomfort for the Government'sarmy of advisers, and is guaranteed to give sleepless nightsto any potential regulator.

    Max Wilkinson

    Financial Times