The trend towards privatization has been particularly strong in the 1980s and 1990s. In the UK, some of the most important public utilities such as telecommunications, gas, and electricity have been privatized. Following unification, Germany is having to privatize an entire economy. This book examines the form of privatization, a topic which has not previously been subjected to rigorous economic analysis, and provides a comprehensive and thorough survey of arguments both for and against it. Both positive and welfare-economic approaches to deal with the complex problems of the transition from public to private ownership are discussed. The author also examines the central issues of privatization such as why efficiency increases can be expected as a result of privatization, whether full privatization coupled with subsequent regulation is better than partial privatization with the government regulating from within the firm. He also looks at the role of trade unions in the privatization process.

'There is much to be admired in this book. It provides a good, comprehensive survey and analysis of the theoretical aspects of privatization. There is much in this book for researchers, teachers and students; it provides a rich agenda of questions for empirical research; and it makes a distinctive contribution to the literature in the field.' Keith Hartley, University of York, Public Money & Management, Volume 13, Number 2, April-June 1993
`this book provides the reader with a rigorous framework for analysing issues such as the sources of inefficiency in the publicly owned firm, the effect of alternative forms of regulation on efficiency, and the role of trade unions in the privatization process, and more. The book treats those complex subjects thoroughly' Journal of Comparative Economics