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International Development LawRule of Law, Human Rights, and Global Finance$
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Rumu Sarkar

Print publication date: 2009

Print ISBN-13: 9780195398281

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780195398281.001.0001

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(p.333) 6 Privatization
International Development Law


Oxford University Press

This chapter examines privatization as a means of making developing economies more efficient and profitable. It reviews the implications for changing the role of the State, and the vacillation between nationalization and privatization. Specific case studies of Venezuela, Chile, and the Czech Republic are reviewed from the perspective of understanding the “lessons learned” to be gained from these examples. The chapter discusses strategic and tactical approaches to privatization to give the reader some perspective in the underlying transactions involved in the process of privatization. The host government's objectives in terms of privatizing state-owned enterprises and the underlying theories of development that support such strategies are explored. The need for speed, transparency, accountability, public access to privatization schemes, and political legitimacy are all factors that are carefully examined. Finally, the chapter explores the impact of privatization on capital market development and growth, integration in and access to capital markets, and the role of foreign investment in privatization taking place in the developing world.

Keywords:   nationalization, state-owned enterprises, Venezuela, Czech Republic, Chile, capital market development, political legitimacy, public access, foreign investments

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