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Finance as Driver of Privatisation

In: Privatisation against the European Social Model

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  • Jörg Huffschmid

Abstract

This chapter deals with the particular role which finance plays as a driver of privatisation. The thesis is that during the last two decades private and public finances have moved in opposite directions and generated specific pressures, for which privatisation of public goods and services appears as a solution. The accumulation of private financial assets creates pressure to find more investment opportunities, and the political bias for balanced budgets and tax competition leads to pressure to cut expenditure in public services, which appear increasingly unaffordable. Privatisation offers both relief for public budgets and opportunities for private asset owners. In the course of this development, individual entrepreneurs and the production-oriented management are gradually replaced by financial investors as key actors of capitalism which can therefore be characterised as finance-led capitalism.

Suggested Citation

  • Jörg Huffschmid, 2009. "Finance as Driver of Privatisation," Palgrave Macmillan Books, in: Marica Frangakis & Christoph Hermann & Jörg Huffschmid & Károly Lóránt (ed.), Privatisation against the European Social Model, chapter 4, pages 49-60, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-25068-0_4
    DOI: 10.1057/9780230250680_4
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    Cited by:

    1. Christine André & Philippe Batifoulier & Mariana Jansen-Ferreira, 2016. "Privatisation de la santé en Europe. Un outil de classification des réformes," CEPN Working Papers hal-01256505, HAL.
    2. André, Christine, 2015. "Les systèmes de santé européens en longue période," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 17.

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