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Policies for privatization suggested
TMmtmuon- ha. eitetei th* attention of policy maker. In many countries during the 1980. According to Economic and Social Servey of Asia and Pacific.
The Idea appealed to many developing countries as a policy Instrument for overcom Ing some of their economic problems such as budgetary deficits and current account
It also became an important item tn the policy agenda in
part of the conditions for International aid and other fi-
The implementation of the privatization process In developing countries has. however, raised several Issues of crucial importance.
An objective assessment of the issues requires an analysis
of both the rationale behind the creation of public enterprises and to the present enthusiasm shown for privatization.
The basic logic behind the creation of public enterprises, especially in the early stage, of the development process, rested on the inability of the private sector to raise adequate resources for financing the creation or expansion of infrastructural facilities.
In other words, the public enterprises were Mt up tn the developing countries ewen tially to break the structural imbalances found in their economies in order to speed up the development process Public enterprises were also supposed to help tn achieving an efficient allocation of resource. in the economy as a whole as part of a planned process.
In certain countries, however. the domain of the public enterprises was extended, subsequently, beyond infra, tructure to intermediate and basic goods industries and even to commercial activities.
A major outcome of this process was that the public enterprises tended to become monopolies in certain lines of economic activities, some of which are also natural monopolies.
The demand for privatization ha. gained momentum because In many developing countries the public enterprises were found to be inefficient tn their use of resources and to have incurred substantial losses which, in turn, caused a large drain on budgetary and other resources.
The private sector. on the other hand. i. expected to achieve production efficiency
on the basis of competitive market forces.
Such competitive markets in either products or factors to ensure both production and the efficient allocation of resource. do not. however , often exist In developing countries.
The inadequate development and Imperfection of the capital markets. despite recent progress, is ■ glaring example. It is therefore difficult to conclude that privatization is either easy or ipso facto good for a developing economy.
From the point of view of the overall functioning of the economy, it would be too simplistic to assume that a mere transfer of ownership would result tn significant gains in efficiency.
If privatization involves the transfer of a public monopoly
to the private sector with Ms monopoly power left intact, there is no guarantee a private monopoly would do any better than a public monopoly.
If the goal is to achieve gains in efficiency, then ap propriate methods of privatization have to be found depending upon the nature of the product or services and also on the nature of the market
Privatization cannot be considered as a cure for all the economic ills of developing
countries which are related to market imperfections
The experience of privatisation in many developing countries In the region shows that technical and other problems which are encountered in the process have to be satisfactorily resolved.
These difficulties include a lack of skilled personnel to evaluate the marketable assets of the public enterprises. a further aspect of which is the thinness of the domestic capital markets.