About the Book
Arguably, the two most important forces affecting the world economy in the closing decades of the 20th century were globalization and privatization. Here, privatization refers to the retreat of the state from the economic arena, while globalization refers to the worldwide spread of efficient market-based systems and the consequent growth of multinational firms. The twin forces of privatization and globalization have proceeded in parallel, but have nonetheless had significant interactions with one another. In this collection of essays, this interaction is examined in three contexts: (i) the spectacular collapse of the state-run socialist economies; (ii) the transfer of state-run enterprises to market governance in much of Western Europe; and (iii) the more subtle dismantling of state controls and legal monopolies in some sectors in the United States.
Table of Contents:
Contents:
Acknowledgements
Introduction – Globalization and the Advance of Markets: Twin Forces Shaping the World Economy Ram Mudambi
PART I INTRODUCTION
1. Stefanie Ann Lenway and Thomas P. Murtha (1994), ‘The State as Strategist in International Business Research’
2. Jonathan R. Hay and Andrei Shleifer (1998), ‘Private Enforcement of Public Laws: A Theory of Legal Reform’
3. Jagdish Bhagwati (1998), ‘Poverty and Reforms: Friends or Foes?’
4. Pablo T. Spiller (1990), ‘Politicians, Interest Groups, and Regulators: A Multiple-principals Agency Theory of Regulation, or “Let Them Be Bribed”’
5. Ram Mudambi, Pietro Navarra and Chris Paul (2002), ‘Institutions and Market Reform in Emerging Economies: A Rent Seeking Perspective’
PART II TRADITIONAL MODELS AND THEORIES
6. Harold Demsetz (1968), ‘Why Regulate Utilities?’
7. George J. Stigler (1971), ‘The Theory of Economic Regulation’
8. John Vickers and George Yarrow (1988), ‘Theories of Regulation’
9. Saul Estrin and David de Meza (1995), ‘Unnatural Monopoly’
10. Maxim Boycko, Andrei Shleifer and Robert W. Vishny (1996), ‘A Theory of Privatisation’
11. Ravi Ramamurti (2000), ‘A Multilevel Model of Privatization in Emerging Economies’
PART III DEREGULATION: INDUSTRY STUDIES
A The First Major Step – The Breakup of AT&T
12. William E. Taylor and Lester D. Taylor (1993), ‘Postdivestiture Long-Distance Competition in the United States’
13. Jerry Hausman, Timothy Tardiff and Alexander Belinfante (1993), ‘The Effects of the Breakup of AT&T on Telephone Penetration in the United States’
B Deregulating Airlines in the US
14. Paul W. Bauer (1986), ‘“Don’t Panic”: A Primer on Airline Deregulation’
15. Messod D. Beneish (1991), ‘The Effect of Regulatory Changes in the Airline Industry on Shareholders’ Wealth’
C Deregulating Banking in the US
16. Hugh Thomas (2000), ‘A Proposal to Deregulate Banking’
17. Robert E. DeYoung, Joseph P. Hughes and Choon-Geol Moon (2001), ‘Efficient Risk-taking and Regulatory Covenant Enforcement in a Deregulated Banking Industry’
PART IV PRIVATIZATION AND TRANSITION: INTERNATIONAL EVIDENCE
18. William L. Megginson and Jeffry M. Netter (2001), ‘From State to Market: A Survey of Empirical Studies on Privatization’
19. Harald Hau (1998), ‘Privatization Under Political Interference: Evidence from Eastern Germany’
20. David Jennings (2000), ‘PowerGen: The Development of Corporate Planning in a Privatized Utility’
21. Stuart Ogden and Robert Watson (1999), ‘Corporate Performance and Stakeholder Management: Balancing Shareholder and Customer Interests in the U.K. Privatized Water Industry’
22. Antonio Estache, Andres Gomez-Lobo and Danny Leipziger (2001), ‘Utilities Privatization and the Poor: Evidence from Latin America’
23. Raj Aggarwal and Joel T. Harper (2000), ‘Equity Valuation in the Czech Voucher Privatization Auctions’
24. David Dornisch (2001), ‘Competitive Dynamics in Polish Telecommunications, 1990–2000: Growth, Regulation, and Privatization of an Infrastructural Multi-network’
25. Nicholas Barberis, Maxim Boycko, Andrei Shleifer and Natalia Tsukanova (1996), ‘How Does Privatization Work? Evidence from the Russian Shops’
26. Robert Grosse and Juan Yañes (1998), ‘Carrying Out a Successful Privatization: The YPF Case’
27. James Peoples, Jr. and Wayne K. Talley (2001), ‘Black–White Earnings Differentials: Privatization versus Deregulation’
PART V PRIVATIZATION AND BUSINESS STRATEGY
28. Shaker A. Zahra, R. Duane Ireland, Isabel Gutierrez and Michael A. Hitt (2000), ‘Privatization and Entrepreneurial Transformation: Emerging Issues and a Future Research Agenda’
29. Jonathan P. Doh (2000), ‘Entrepreneurial Privatization Strategies: Order of Entry and Local Partner Collaboration as Sources of Competitive Advantage’
30. Igor Filatotchev, Mike Wright, Trevor Buck and Vladimir Zhukov (1999), ‘Corporate Entrepreneurs and Privatized Firms in Russia, Ukraine, and Belarus’
PART VI RE-APPEARING STATIZATION
31. Daniel J. McCarthy, Sheila M. Puffer and Alexander I. Naumov (2000), ‘Russia’s Retreat to Statization and the Implications for Business’
Name Index
About the Author :
Edited by Ram Mudambi, Professor and Perelman Senior Research Fellow of Strategic Management, Department of Strategic Management, Fox School of Business, Temple University, US
Review :
'The book presents a useful collection of many of the most influential scholarly articles written by economists over the past two decades on the theory and practice of privatization and deregulation. Yet this book is more; it creates an understanding of the relationship between private enterprise and government, and how various related economic perspectives have evolved. While most contributors take a US-based viewpoint, authors and examples cover the globe. Mudambi's introduction synthesizes the most salient insights of the contributors, highlights the critical importance of institutions for wealth creation, and raises new questions.'
