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The Political Economy of Privatization in Rich Democracies$
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Herbert Obinger, Carina Schmitt, and Stefan Traub

Print publication date: 2016

Print ISBN-13: 9780199669684

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780199669684.001.0001

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Conclusion and Outlook

Conclusion and Outlook

(p.94) 6 Conclusion and Outlook
The Political Economy of Privatization in Rich Democracies

Herbert Obinger

Carina Schmitt

Stefan Traub

Oxford University Press

Chapter 6 summarizes the findings of this book, provides an overview of the development of public entrepreneurship in the wake of the recent economic and financial crisis, and speculates on the future role of the state as an entrepreneur. The chapter concludes that the overall trend favouring the privatization of public enterprises from the 1980s onwards should not obscure the fact that some sectors like the public utilities sector witnessed a transformation rather than a retreat of state intervention. Moreover, the books data clearly indicates that the nationalization wave during and in the aftermath of the Great Recession was triggered by the financial crisis and the related urgent need for a recapitalization of the financial sector. It had little in common with previous nationalizations and was neither intended by policy makers to put the wheel of history into reverse nor to fundamentally question the privatization and liberalization policies of the 1980s and 1990s.

Keywords:   Great Recession, financial crisis, nationalizations, financial sector, transformation

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