Are there nationalization-privatization cycles? A theoretical survey and first empirical evidence
This paper deals with fluctuations over time in the extent of the state-owned firm sector? nationalization-privatization cycles (NPCs). Anecdotal observations of NPCs are supported threefold by systematic empirical evidence: first, for different regions and economic systems, second, for different time periods, and third, for different indicators. In explaining NPCs, the paper provides a history of research on the subject. At the end three hypotheses are distinguished: the ideological preference hypothesis, the political cycle hypothesis, and the efficiency hypothesis. The conclusion is that NPCs existed in the 20th century as a worldwide phenomenon and are worthy of being explained.
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NBER Working Papers
2196, National Bureau of Economic Research, Inc.
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- Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766.
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