Privatization in Debtor Economies: A Conjunctural Phenomenon in World Capitalism

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Taimoon Stewart


While there is a large and growing literature on the privatization phenomenon of the last decade and a half, much of the theorization is limited to the argument of state versus private sector efficiencies and the advantages of free market versus state contarolled envcironments (Andic 1992; Cook and Kirkpatrick 1988; Commander and Killick 1988). Apart from this general literature on privatization, some attention has been given to the specific experience of developing countries where, in most cases, privatization means de-nationalization (Odle 1993; Commander and KIillick 1988; Craig 1988). Moreover, the link has been made between privatization of state enterprises in debtor economies and governments' ovjective of deficit financing, mainly in regard to external debt servicing (Manzetti 1993).

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