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- W2788089295 abstract "The Third World's recent tryst with privatization stems from two sources: the internal conviction that public sector production has not worked out as anticipated; and in those countries relying on IMF/World Bank structural adjustment loans, the externally imposed insistence that the public sector play a reduced role. Since the consensus today rejects both total public sector domination of production and a complete laissez-faire mechanism, the critical issue has become where to draw the demarcation line between the two. What should best be left to the public sector and what to the private? While this question will of necessity be evaluated in the light of each particular country's own experience and especially the political possibilities for reform, there are nevertheless some general economic considerations of broad applicability that policymakers ought to consider as they proceed to restructure their economies. The purpose of this paper is to analyze the issue of privatization from the viewpoint of efficiency, the ability to maximize production with a given stock of resources. While this focus does not intend to suggest that other economic goals are not important or that economics alone matters, an economy that functions inefficiently must work doubly hard to achieve other objectives. The substance of this paper begins in the following section with a brief analysis of market failure and other motives for government intervention in production. Despite good intentions, however, government actions, especially in the form of public enterprises, do not always rectify the errors they were designed to correct. The next section places the blame for public sector inefficiency on the absence of efficiency-promoting incentives, with particular attention paid to (a) the presence of multiple and conflicting goals, (b) the lack of management independence, (c) an" @default.
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- W2788089295 date "1992-01-01" @default.
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- W2788089295 title "Is privatization a panacea for LDCs? Market failure versus public sector failure" @default.
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