On the Perils of Privatization
Privatization outside Eastern Europe has encountered more difficulties than are generally recognized. The firms sold by government are often endowed with market power in part because when nationalized they had been protected from competition. Consequently they are often subjected to tight regulation after becoming private. Thus, the role of market forces is kept to a minimum and regulators are repeating many of the welfare damaging mistakes their U.S. counterparts have recently been learning to avoid. This is spelled out and better regulatory procedures are described. Some brief comments on privatization in Eastern Europe are provided.
Volume (Year): 19 (1993)
Issue (Month): 4 (Fall)
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- Sachs, Jeffrey D, 1992. "The Economic Transformation of Eastern Europe: The Case of Poland," Economic Change and Restructuring, Springer, vol. 25(1), pages 5-19.
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