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Autumn Privatisation a) Privatisation is the full or partial transfer of ownership of public assets to the private sector. This commonly involves complex contractual structures to be put in place, and the industries concerned are usually closely regulated. Privatisation does not cover activities such as contracting out, leasing and private financing of infrastructure projects. b) Before the 1980'3 there were few privatization programs in place. The earliest main one was in the UK in the early 1980's. After this many other countries followed in their lead. According to the OECD (Organisation for Economic Co-operation and Development), global privatisations totaled about US$30 billion in 1990 and reached nearly US$100 billion in 1998. Since then privatization has been dropping steadily, two of the reasons being, firstly the continuing decline in equity markets and secondly the deterioration of economic performance. c) The advantages of privatization are as follows: • Due to the profit motive, it is said...

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