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The UK's Privatisation Experiment: The Passage of Time Permits a Sober Assessment

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Author Info
Parker, David

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Abstract

This chapter looks at the UK's privatisation experiment, which began from the late 1970s. It considers the background to the UK's privatisations, which industries were privatised and how, and summarises the results of studies of performance changes in privatised companies in the UK. It looks at the relative roles of competition, regulation and ownership changes in determining performance improvement. It concludes by looking at the wider lessons that might be learned from the UK's privatisation experiment, including the importance of developing competitive markets and, in their absence, effective regulatory regimes.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 1126.

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Date of creation: 2004
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Handle: RePEc:ces:ceswps:_1126

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Related research
Keywords: UK; privatisation; competition regulation; lessons;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dnes, Antony W, et al, 1998. "The Regulation of the United Kingdom Electricity Industry: An Event Study of Price-Capping Measures," Journal of Regulatory Economics, Springer, vol. 13(3), pages 207-25, May. [Downloadable!] (restricted)
  2. Da[ss]ler, Thoralf & Parker, David, 2004. "Harmony or disharmony in the regulation and the promotion of competition in EU telecommunications? A survey of the regulatory offices," Utilities Policy, Elsevier, vol. 12(1), pages 9-28, March. [Downloadable!] (restricted)
  3. Catherine Waddams & Ruth Hancock, 1998. "Distributional effects of liberalising UK residential utility markets," Fiscal Studies, Institute for Fiscal Studies, vol. 19(3), pages 295-319, August. [Downloadable!]
  4. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-19, March. [Downloadable!] (restricted)
  5. Saal, David S & Parker, David, 2001. "Productivity and Price Performance in the Privatized Water and Sewerage Companies of England and Wales," Journal of Regulatory Economics, Springer, vol. 20(1), pages 61-90, July. [Downloadable!] (restricted)
  6. Jean Shaoul, 2003. "A Financial Analysis of the National Air Traffic Services PPP," Public Money & Management, Chartered Institute of Public Finance and Accountancy, vol. 23(3), pages 185-194, 07. [Downloadable!] (restricted)
  7. D. Parker, 2002. "Economic Regulation: a review of issues," Annals of Public and Cooperative Economics, Blackwell Publishing, vol. 73(4), pages 493-519, December. [Downloadable!] (restricted)
  8. Michael G. Pollitt & Andrew S. J. Smith, 2002. "The restructuring and privatisation of British Rail: was it really that bad?," Fiscal Studies, Institute for Fiscal Studies, vol. 23(4), pages 463-502, December.
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  9. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, December.
  10. David Tyrrall & David Parker, 2005. "The Fragmentation of a Railway: A Study of Organizational Change," Journal of Management Studies, Blackwell Publishing, vol. 42(3), pages 507-537, 05. [Downloadable!] (restricted)
  11. Domah, P. & Pollitt, M.G., 2000. "The Restructuring and Privatisation of Electricity Distribution and Supply Businesses in England and Wales: A Social Cost Benefit Analysis," Cambridge Working Papers in Economics 0007, Faculty of Economics, University of Cambridge. [Downloadable!]
  12. Parker, David, 1997. "Price cap regulation, profitability and returns to investors in the UK regulated industries," Utilities Policy, Elsevier, vol. 6(4), pages 303-315, December. [Downloadable!] (restricted)
  13. Kay, J A & Thompson, D J, 1986. "Privatisation: A Policy in Search of a Rationale," Economic Journal, Royal Economic Society, vol. 96(381), pages 18-32, March. [Downloadable!] (restricted)
  14. Massimo Florio, 2001. "The welfare impact of a privatisation: the British Telecom case-history," Departemental Working Papers 2001-08, Department of Economics University of Milan Italy. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Philippe Aghion & Richard Blundell & Rachel Griffith & Peter Howitt & Susanne Prantl, 2006. "The Effects of Entry on Incumbent Innovation and Productivity," NBER Working Papers 12027, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Newbery, David, 2004. "Privatising Network Industries," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  3. Johan Willner, 2006. "A Mixed Oligopoly Where Private Firms Survive Welfare Maximisation," Journal of Industry, Competition and Trade, Springer, vol. 6(3), pages 235-251, December. [Downloadable!] (restricted)
  4. Eoin Reeves, 2005. "Book Review - "Selling Out? – Privatisation in Ireland" by Paul Sweeney," The Economic and Social Review, Economic and Social Studies, vol. 36(1), pages 77–82. [Downloadable!]
  5. Straub, Stephane, 2008. "Infrastructure and development : a critical appraisal of the macro level literature," Policy Research Working Paper Series 4590, The World Bank. [Downloadable!]
    Other versions:
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