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Welfare consequences of selling public enterprises : an empirical analysis /
by Ahmed Galal ... [et al.] ; with contributions from Fadil Azim Abbas ... [et al.].
New York, NY : Published for the World Bank by Oxford University Press, 1994.
x, 619 p. ; 24 cm.
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New York, NY : Published for the World Bank by Oxford University Press, 1994.
catalogue key
Includes bibliographical references.
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Full Text Reviews
Appeared in Choice on 1995-03:
This thoughtful and balanced presentation of case studies of public enterprise divestiture is laced with abundant caution. The authors apply a methodology developed by L. Jones, P. Tandon, and I. Vogelsang in Selling Public Enterprises: A Cost-Benefit Methodology (1990) to 12 divestitures in four countries--Great Britain, Chile, Mexico, and Malaysia. Their commendable caution stems from their fundamental approach, which requires contrasting the actual experience of each divestiture with a subjectively determined counterfactual scenario, both of which are then projected into the future. The validity of their outcomes clearly depends on the credence the reader places in the authors' interpretation of "what would have happened in the absence of public enterprise sales." Moreover, the authors realize the limited nature of their sample, especially the absence of a representative sample from the less developed world. Hence, they are reluctant to generalize their most intriguing empirical results, even though the authors clearly believe that because "ownership matters" divestiture uniformly and unequivocally improved national welfare. Indeed, in most cases, they demonstrate that despite employment cutbacks, even labor was a net gainer. The reader is left to decide whether the authors are excessively coy or whether they have made a convincing case, one that places the advocates of continued government ownership of commercial enterprises on the defensive. Upper-division undergraduate through professional. J. Prager; New York University
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Choice, March 1995
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Table of Contents
Introduction and Methodology
Divestiture: Questions and Answersp. 3
Methodologyp. 19
United Kingdom: Selling the Crown Jewels of an Industrial Economy
Divestiture in the United Kingdomp. 41
British Telecomp. 51
British Airwaysp. 107
National Freightp. 143
Summary: United Kingdomp. 173
Chile: Selling Efficient Public Enterprises in Well-Regulated Markets
Divestiture in Chilep. 181
Compania de Telefonos de Chilep. 253
Summary: Chilep. 285
Malaysia: Divesting for Growth and Equity
Divestiture in Malaysiap. 299
Malaysian Airline Systemsp. 307
Kelang Container Terminalp. 339
Sports Toto Malaysiap. 371
Summary: Malaysiap. 393
Mexico: Divestiture as an Instrument of Stabilization
Divestiture in Mexicop. 407
Telefonos de Mexicop. 417
Aeromexicop. 457
Mexicana de Aviacionp. 495
Summary: Mexicop. 515
Cross-Country and Cross-Enterprise Comparisons and Conclusions
Synthesis of Casesp. 527
Policy Summaryp. 575
Bibliographyp. 591
Indexp. 603
Table of Contents provided by Blackwell. All Rights Reserved.

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