International Privatisation

Introduction: Privatising the World? 18
Part I. International Privatisation Policy 40
1.1 Introduction 42
Chapter 1. The Internationalisation of Privatisation 42
1.2 The Growth of Public Ownership 43
1.3 The Challenge to Public Ownership 45
1.4 Explaining the Spread of Privatisation: Prevailing Orthodoxies, Received Wisdom and the Policy Community 47
1.5 Explaining the Spread of Privatisation: The Role of International Institutions in Developed Countries 49
1.6 Explaining the Spread of Privatisation: The Role of International Institutions in Developing and Former Socialist Countries 50
1.7 The Case of Electricity 52
1.8 Conclusions 56
Chapter 2. The Legal Techniques of Privatisation 60
2.1 Introduction 60
2.2 Common Problems 63
2.3 Changes of Ownership, Activities, and Assets 79

Introduction: Privatising the World? 18
Part I. International Privatisation Policy 40
1.1 Introduction 42
Chapter 1. The Internationalisation of Privatisation 42
1.2 The Growth of Public Ownership 43
1.3 The Challenge to Public Ownership 45
1.4 Explaining the Spread of Privatisation: Prevailing Orthodoxies, Received Wisdom and the Policy Community 47
1.5 Explaining the Spread of Privatisation: The Role of International Institutions in Developed Countries 49
1.6 Explaining the Spread of Privatisation: The Role of International Institutions in Developing and Former Socialist Countries 50
1.7 The Case of Electricity 52
1.8 Conclusions 56
Chapter 2. The Legal Techniques of Privatisation 60
2.1 Introduction 60
2.2 Common Problems 63
2.3 Changes of Ownership, Activities, and Assets 79
2.4 Transformation and Liquidation 86
2.5 Conclusion 90
Chapter 3. Privatization and “Popular Capitalism”: The Case of Japan 95
3.1 Introduction 95
3.2 The Case of Zaibatsu Dissolution 96
3.3 Dispersion of Frozen Shares 97
3.4 Case of NTT (Nihon Telegraph & Telephone) 98
3.5 Illusion of “Popular Capitalism” 100
Part II. The Retreat of the State in the Advanced Industrial Economies 102
Chapter 4. Privatization American Style: The “Grand Illusion” 104
4.1 Introduction 104
4.2 Privatization and Economic Performance 112
4.3 Privatization and Deficit Reduction 114
4.4 Privatization and Economic Growth 115
4.5 Privatization and Union Power 116
4.6 Privatization and “Popular Capitalism” 118
4.7 Conclusion 118
Chapter 5. Privatising State Owned Housing 122
5.1 Introduction 122
5.2 Privatisations 122
5.3 Preconditions for Extensive Privatisation? 124
5.4 Council House Sales 125
5.6 What has been Sold and Where? 129
5.5 Evaluating the Effects of Policy 129
5.7 Who Buys? 130
5.8 Gainers and Losers 131
5.9 Other Aspects 131
5.10 The Context for Housing Privatisation 132
5.11 Conclusions 133
Chapter 6. Commerce vs. Politics: Compulsory Competitive Tendering and the Determination of Employment Policy in a British Local 136
6.1 Introduction 136
6.2 The ‘Problem’ of Management 137
6.3 Employment Relations in Local Government 139
6.4 The Development of Compulsory Competitive Tendering 142
6.5 Direct Service Organisations: Corporate vs. Commercial Pressures 145
6.6 Competition and Employment Practice 149
6.7 Competition: Changing Managerial Style and Employee Relations? 153
Chapter 7. Steel, State, and Industrial Relations: Restructuring Work and Employment Relations in the Steel Industry 156
7.1 Introduction 156
7.2 Economic Decline and Plant Closures in the First Wave of Restructuring 157
7.3 The Political Context: State and Steel Industry 158
7.4 The Organisational Context: Two Traditions of Industrial Relations in the Steel Industry 160
7.5 Changing Working Practices 162
7.6 Conclusions 166
Chapter 8. The Partial Privatisation of the Commonwealth Bank of Australia 170
8.1 Introduction 170
8.2 The People’s Bank 170
8.3 Still the People’s Bank 171
8.4 The Role of the CBOA 174
Part III. The Marketisation of the Planned Economies 180
Chapter 9. Privatisation and Democratisation in Eastern Europe and the Former Soviet Union 182
9.1 Means and Ends 182
9.2 Prosperity 183
9.3 Transition to a Market Economy 188
9.4 Privatisation in Eastern Europe and the Former USSR 190
9.5 Popular Attitudes 194
9.6 Democracy 195
Chapter 10. The Role of the Banking Sector in the Process of Privatisation 202
10.1 Introduction 202
10.2 Essential Preconditions and Accompanying Reforms 203
10.3 Financial Restructuring of State Enterprises 207
10.4 Funding Private Acquisitions 210
10.5 Financing Capacity Restructuring 213
10.6 Financing Investment in new Capacity and Working Capital 214
10.8 Constraining Managerial Discretion 215
10.7 Hardening Budget Constraints 215
10.9 Funding Leasings, Buy-outs and Takeovers 217
10.10 Conclusions 217
Chapter 11. Privatization in Hungary: Wishful Thinking or Economic Way Out? 220
11.1 Introduction 220
11.2 The Government’s Privatization Programs and Policies 221
11.3 The Growth of the Private Sector 235
11.4 Some Privatization Paradoxes 243
Chapter 12. Privatisation in East Germany and the Chance of Workers’ Participation: A Problems Approach 251
12.1 The Historical Conditions for the Privatisation of Property in East Germany 251
12.2 Ways, Chances, and Obstacles in Connection With the Privatisation in East Germany 254
12.3 Privatisation, Industrial Relations and Participation 259
Chapter 13. Privatisation in Poland: People’s Capitalism? 262
13.1 Privatisation or “Statisation” 262
13.2 Economic Ownership 264
13.3 Criteria for Distinguishing Real and Nominal Ownership 265
13.4 The Nature of Employee Ownership 266
13.5 Management and Control 268
13.6 Universal Capitalism? 270
13.7 The Conventional Wisdom on Private Ownership 272
13.8 Foreign Investment 274
13.9 Worker- or Management-owned? 275
13.10 Conclusions and Implications 276
14.1 Introduction 279
Chapter 14. Post-Soviet Privatisation and Workers’ Self-Management? 279
14.2 Leasing and Self-Management Under Perestroika 280
14.3 Individualistic Versus Collectivistic Finance 282
14.4 Workers Participation in new Ownership 284
14.5 Initiative and Procedure 285
14.6 Entrepreneurship Versus Workers’ Self-Management 286
14.7 Concluding Remarks 287
15.1 Introduction 290
Chapter 15. On the “Third Sector” in Central and Eastern European Post-Soviet Type Economies 290
15.2 The Third Sector: A Brief Introduction 291
15.3 The Third Sector in Eastern and Central European Post-STEs: Some Perspectives 294
15.4 Concluding Remarks 302
Chapter 16. Privatisation: East Meets West 306
16.1 Introduction 306
16.2 Some Features of the Soviet Economic System 309
16.3 The Organization of Production and the Re-Emergence of the Bourgeoisie 318
16.4 From Centrally Planned to Classical Capitalism 326
Part IV. Privatisation, the Public Sector and Development 342
17.1 Introduction 344
17.2 Definitions 344
Chapter 17. A Comparative Study of the Policies Towards Foreign and Chinese Owned Private Enterprises in the People’s Republic o 344
17.3 Policies Towards Private Enterprises 345
17.4 Policies Towards Foreign Enterprises 348
17.5 A Comparison 351
17.6 Outlook 353
17.7 Conclusion 355
18.1 The Economic Debate in Contemporary South Africa 358
Chapter 18. South Africa: Privatisation and Nationalisation in the Post-Apartheid Economy 358
18.2 The South African Government’s Privatisation and Deregulation Policy 360
18.3 Contention About the Future Shape of the South African Economy 362
18.4 Privatisation and Nationalisation in South Africa: An Overview 367
19.1 Public Enterprises in the Less Developed Countries 371
Chapter 19. Privatisation of Public Enterprises in the Less Developed Countries 371
19.2 Privatisation: A New Development Strategy? 372
19.3 The Empirical Gap 374
19.4 Research Results 378
19.5 Policy Implications of the Research Finding for Potential Reform Measures of Sundanese PEs 393
19.6 Implications for Future Research 394
20.2 Public Enterprises in Sub-Saharan Africa 397
Chapter 20 Public Enterprise and Privatisation in Botswana 397
20.1 Introduction 397
20.3 Privatisation in Sub-Saharan Africa 399
20.4 Botswana: An Exceptional Case? 400
20.5 The Potential for Privatisation 407
20.6 Concluding Comments 412
Part V. Reconstructing the Public Sector 414
Chapter 21. Reconstructing the Public Sector: Performance Measurement, Quality Assurance, and Social Accountability 416
21.1 Introduction: Reinventing Government? 416
21.2 Future Paradigms for Public Service 419
21.3 Performance Measurement 424
21.4 Quality Assurance 431
21.5 Social Accountability 434
21.6 Contracts and Consumers 435
21.7 The Citizen’s Charter 438
21.8 The Management of Change 440
21.9 Zero Based Budgets 441
21.10 Conclusions: The Imperative of Government 443
International Privatisation: Strategies and Practices St. Andrews University, Scotland 12–14 September 1991 449

Strategies and Practices

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