Privatization and the private sector |
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| Institution: | 1. Engineering and Sustainable Development Program (PPGES), Federal University of Espírito Santo (UFES), Av. Fernando Ferrari, 514, Goiabeiras, Vitória, ZIP Code 29075-910, Espírito Santo, Brazil;2. Federal Institute of Education, Science and Technology of Rio Grande do Norte (IFRN), R. Raimundo Firmino de Oliveira, 400 - Conjunto Ulrick Graff, ZIP Code 59015-300, Rio Grande do Norte, Brazil;3. Energy Planning Program (PPE), Coordination of Postgraduate Programs in Engineering Address: Federal University of Rio de Janeiro (COPPE/UFRJ), Cidade Universitária, Ilha do Fundão, Bloco C, Sala C-211, C.P. 68565, ZIP Code 21945-970, Rio de Janeiro, Brazil;4. International Virtual Institute of Global Change - IVIG, Centro de Tecnologia, Cidade Universitária, Building I - Room 129, P.O. Box 68501, ZIP Code 21945-970, Rio de Janeiro, Brazil;1. Department of Civil Engineering, Prince Mohamed Bin Fahd University, Al Khobar, Saudi Arabia;2. Department of Mechanical Engineering, Jordan University of Science and Technology, Irbid, Jordan;3. National Water Company, Jeddah, Saudi Arabia;1. Department of Economics, Queen''s University, Kingston, ON K7L 3N6, Canada;2. Cambridge Resources International Inc., USA;1. School of Economics, University of Queensland, Colin Clark Building, Level 6 Rm. 652, Australia;2. Durham University Business School, Mill Hill Lane, Durham, DH1 3LB, United Kingdom |
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| Abstract: | From the perspective of someone who has observed the private and public sectors in emerging economies for many years, it is interesting to recall that in the past it was the World Bank that supported the development of state-owned utilities and industrial enterprises in developing countries, especially Latin America. It is also in Latin America that the World Bank became a convert to and promoter of privatization. A key lesson of privatization in emerging markets is the importance of competition, not only in the sale process but in the subsequent operation of privatized enterprises. Protective devices, such as core shareholders and areas off-limits to foreign investors, are counterproductive. Privatization has spawned a new generation of entrepreneurs and been especially beneficial to the development of domestic capital markets. |
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