British privatization: Evaluating the results |
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Institution: | 1. University of Texas Rio Grande Valley, Edinburg, TX, United States of America;2. University of Tennessee at Chattanooga, Chattanooga, TN, United States of America;3. Morgan State University, Baltimore, MD, United States of America;4. University of Texas at El Paso, El Paso, TX, United States of America;1. Osaka University, 2-1 Yamada-oka, Suita Osaka, Japan;2. West Japan Railway Company, 2-4-24 Shibata Kita-ku, Osaka, Japan;3. Osaka University, 2-1 Yamada-oka, Suita Osaka, Japan |
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Abstract: | The 24 studies reviewed here reveal that nine of the 13 primary objectives of the U.K.'s privatization program have substantially been achieved. Privatization has reduced the size and scope of government, reduced political interference in management decisions, freed government funds so they can be used in sectors of the economy other than state-owned businesses, created a free market economy, promoted domestic investment, benefited the economy through higher returns on capital invested in privatized businesses, generated new sources of tax revenue, broadened domestic equity ownership and promoted equity ownership among employees of privatized businesses. Most of the research reviewed concludes that privatization has reduced the government's budget deficit; provided consumers with improved service, better quality, more choices, new products and lower prices; and improved the efficiency and performance of privatized firms. Finally, most of the studies reviewed report mixed results regarding the privatization program's success at reducing government control of business. |
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