Routledge Library Editions: Public Enterprise and Privatization – serie

Routledge Library Editions: Public Enterprise and Privatization (14 Volume set) presents titles, originally published between 1933 and 1991. The set covers both public enterprise and privatization and the impact they have had in the developed and developing world from the start of the twentieth century through to the early 1990s. Written by key figures in the field, it will be of particular interest to students of business, economics, finance and industry.

One of the most important trends in post-war Britain was the extension of the number and variety of public service undertakings. Originally published in 1933, this title indicated the empirical nature and recent importance of British public utility development at the time, being the first study, which dealt with this trend in a comprehensive manner. For completeness to the book and also providing a suitable background, the local utility services water, gas, transport, docks, and harbors have been considered.The author felt the trends of recent years made a rediscovery of political economy imperative and urgent. This study was an effort to reunite economics, public administration, law, and philosophy in the consideration of British public utilities.

One of the most important trends in post-war Britain was the extension of the number and variety of public service undertakings. Originally published in 1933, this title indicated the empirical nature and recent importance of British public utility development at the time, being the first study, which dealt with this trend in a comprehensive manner. For completeness to the book and also providing a suitable background, the local utility services water, gas, transport, docks, and harbors have been considered.The author felt the trends of recent years made a rediscovery of political economy imperative and urgent. This study was an effort to reunite economics, public administration, law, and philosophy in the consideration of British public utilities.

Originally published in 1971, when nationalized industries employed about 7 per cent of the national labour force, created about 10 per cent of the gross domestic product and had annual investment programmes which were equal to those of all private manufacturing put together. Even this understates the scope of public enterprise at the time, since there were many other organizations, ranging from the BBC to the Public Trustee, which were semi-autonomous public enterprises, but not nationalized industries. Moreover, the public enterprise sector continued to grow, even under Conservative governments, and there were many reasons for thinking that no government would succeed in reversing this trend, for it was felt unlikely that, as government became more complex, it would disgorge many new activities which would be given a semi-autonomous, that is, public enterprise status.The author, drawing on personal experience, shows that the facts of ministerial and parliamentary control were very different from what the public and Parliament thought at the time. He describes the very great practical independence of the Boards and also how much Ministers had come to rely on persuasion (which not only can impose serious waste of time and money on both Boards and Government but is also inefficient). Ministers have least power where the aims of public enterprise are social rather than commercial.If there were no changes, the growth of public enterprise to achieve social purposes would mean an important decline in the power of Parliament and Ministers. This book explores solutions to this problem and concludes that the government must build up a cadre and capacity for financial control which at the time were lacking to it.

Originally published in 1971, when nationalized industries employed about 7 per cent of the national labour force, created about 10 per cent of the gross domestic product and had annual investment programmes which were equal to those of all private manufacturing put together. Even this understates the scope of public enterprise at the time, since there were many other organizations, ranging from the BBC to the Public Trustee, which were semi-autonomous public enterprises, but not nationalized industries. Moreover, the public enterprise sector continued to grow, even under Conservative governments, and there were many reasons for thinking that no government would succeed in reversing this trend, for it was felt unlikely that, as government became more complex, it would disgorge many new activities which would be given a semi-autonomous, that is, public enterprise status.The author, drawing on personal experience, shows that the facts of ministerial and parliamentary control were very different from what the public and Parliament thought at the time. He describes the very great practical independence of the Boards and also how much Ministers had come to rely on persuasion (which not only can impose serious waste of time and money on both Boards and Government but is also inefficient). Ministers have least power where the aims of public enterprise are social rather than commercial.If there were no changes, the growth of public enterprise to achieve social purposes would mean an important decline in the power of Parliament and Ministers. This book explores solutions to this problem and concludes that the government must build up a cadre and capacity for financial control which at the time were lacking to it.

To what extent can governments supplement private venture capitalists and stimulate the economy by providing money to new entrepreneurs as well as existing enterprises? The UK’s National Enterprise Board (NEB) attempted to do just this, and whilst it gained most publicity through its efforts to bail out ailing giants such as British Leyland and Rolls Royce Aerospace, much of its attention was actually directed to smaller ventures. Originally published in 1988 Professor Kramer reports that the NEB’s record of success was surprisingly good, and that many flourishing undertakings would not be in business today had it not been for the NEB’s efforts. The author goes further, and after discussing the political and economic issues involved in according public aid to private enterprises on a case by case basis, he argues that not only should the UK revive its NEB, but that other countries, notably the United States, could benefit by establishing their own versions of it. Indeed, throughout, the author’s perspective as an outsider makes him peculiarly alive to the relevance of the UK example to a whole range of international cases.As the first scholarly, full-length study of the NEB, this book will be of value to those interested in the relationships between venture capitalists generally and the enterprises in which they take equity. It will also interest those studying the relationship between holding companies and their subsidiaries.

To what extent can governments supplement private venture capitalists and stimulate the economy by providing money to new entrepreneurs as well as existing enterprises? The UK’s National Enterprise Board (NEB) attempted to do just this, and whilst it gained most publicity through its efforts to bail out ailing giants such as British Leyland and Rolls Royce Aerospace, much of its attention was actually directed to smaller ventures. Originally published in 1988 Professor Kramer reports that the NEB’s record of success was surprisingly good, and that many flourishing undertakings would not be in business today had it not been for the NEB’s efforts. The author goes further, and after discussing the political and economic issues involved in according public aid to private enterprises on a case by case basis, he argues that not only should the UK revive its NEB, but that other countries, notably the United States, could benefit by establishing their own versions of it. Indeed, throughout, the author’s perspective as an outsider makes him peculiarly alive to the relevance of the UK example to a whole range of international cases.As the first scholarly, full-length study of the NEB, this book will be of value to those interested in the relationships between venture capitalists generally and the enterprises in which they take equity. It will also interest those studying the relationship between holding companies and their subsidiaries.

Originally published in 1959, the subject of this book is an aspect of economic development which, despite its importance, had rarely attracted more than incidental attention at the time. The author’s interest in public enterprise in underdeveloped countries was stimulated by a year’s residence in Turkey. He felt the time had come for a general comparative study. Defining comparative as (1) between developed and underdeveloped countries, and (2) between different underdeveloped countries at dissimilar stages of development or with dissimilar development perspectives. The purpose of the first is to discover what the developed can offer the underdeveloped by way of adaptable experience and relevant ideas; that of the second to examine the use of public enterprise in the many different social, economic and political contexts to be found in the less advanced parts of the world.

Originally published in 1959, the subject of this book is an aspect of economic development which, despite its importance, had rarely attracted more than incidental attention at the time. The author’s interest in public enterprise in underdeveloped countries was stimulated by a year’s residence in Turkey. He felt the time had come for a general comparative study. Defining comparative as (1) between developed and underdeveloped countries, and (2) between different underdeveloped countries at dissimilar stages of development or with dissimilar development perspectives. The purpose of the first is to discover what the developed can offer the underdeveloped by way of adaptable experience and relevant ideas; that of the second to examine the use of public enterprise in the many different social, economic and political contexts to be found in the less advanced parts of the world.

Originally published in 1965, Professor Jewkes re-examines the principles which should determine the dividing line between the role of the State and the field of individual responsibility in economic life. Beginning with a brief account of how the functions of Government at the time had been widened in recent years and the rights of individuals curbed, he examines the fundamental difficulties in establishing any rational demarcation between the one sphere and the other in deciding what part the economist should play in helping to resolve the enigma. He next examines the outstanding failures and successes of public and private enterprise respectively in the Western World in recent years. Finally, he asks what are the dominant features of the economic world in which we live and what type of social institutions are most likely to enable us to make the best of our environment.The author’s general conclusion is that, although mixed economics will undoubtedly continue to be the rule, yet stability and economic growth will be endangered unless our social and economic institutions are flexible enough to provide continuous, and as far as possible spontaneous, adjustments to the unpredictable changes of a world in constant transition.

Originally published in 1965, Professor Jewkes re-examines the principles which should determine the dividing line between the role of the State and the field of individual responsibility in economic life. Beginning with a brief account of how the functions of Government at the time had been widened in recent years and the rights of individuals curbed, he examines the fundamental difficulties in establishing any rational demarcation between the one sphere and the other in deciding what part the economist should play in helping to resolve the enigma. He next examines the outstanding failures and successes of public and private enterprise respectively in the Western World in recent years. Finally, he asks what are the dominant features of the economic world in which we live and what type of social institutions are most likely to enable us to make the best of our environment.The author’s general conclusion is that, although mixed economics will undoubtedly continue to be the rule, yet stability and economic growth will be endangered unless our social and economic institutions are flexible enough to provide continuous, and as far as possible spontaneous, adjustments to the unpredictable changes of a world in constant transition.

Originally published in 1984, this book grew out of the papers (and discussions) presented at the Seminar conducted at London Business School during March-June 1983, with a focus on the problems of public enterprise in the context of the developing world. Essentially, three facts of thought emerged: first, on the working of public enterprises in developing countries; second, on joint ventures and consultancies involving public enterprises in the two groups of countries; and third, on the value and relevance of experience of public enterprises in developed countries, particularly in the UK, for the developing countries.Broadly, the Chapter 1 belongs to the first category, Chapters 6 and 7 to the second and Chapters 8 to 13 to the third. The concluding review seeks to highlight some of the major issues that deserve notice in the light of the views expressed in the papers and the discussions that took place on them.

Originally published in 1984, this book grew out of the papers (and discussions) presented at the Seminar conducted at London Business School during March-June 1983, with a focus on the problems of public enterprise in the context of the developing world. Essentially, three facts of thought emerged: first, on the working of public enterprises in developing countries; second, on joint ventures and consultancies involving public enterprises in the two groups of countries; and third, on the value and relevance of experience of public enterprises in developed countries, particularly in the UK, for the developing countries.Broadly, the Chapter 1 belongs to the first category, Chapters 6 and 7 to the second and Chapters 8 to 13 to the third. The concluding review seeks to highlight some of the major issues that deserve notice in the light of the views expressed in the papers and the discussions that took place on them.

In both the developed world and the third world public enterprise has come to assume considerable importance in the structure and development of national economies.Originally published in 1984, this book, by an acknowledged international authority on public enterprise, explores this concept in both the major and the developing economies. He analyses how public enterprise functions and demonstrates how it may be integrated into both traditional Western mixed economies and third world economies with a much high level of state control.

In both the developed world and the third world public enterprise has come to assume considerable importance in the structure and development of national economies.Originally published in 1984, this book, by an acknowledged international authority on public enterprise, explores this concept in both the major and the developing economies. He analyses how public enterprise functions and demonstrates how it may be integrated into both traditional Western mixed economies and third world economies with a much high level of state control.

How amenable is public enterprise to the implementation of national distributional policies? This is the question explored here by Professor Ramanadham. Originally published in 1988, he examines the various channels through which distributional effects take place through their operations, and draws attention to the implicit conflicts of interest among consumers, workers, and tax payers. He focuses on the problems associated with the use of public enterprises as instruments of distributional goals and examines the question of whether direct budgetary measures on the part of government would be preferable. There are detailed analyses of the distributional implications of wage incomes, prices, and surpluses in the public enterprise sector. Finally, the author comments from the distributional angle on the results of privatization.Here is a detailed study of the way in which public enterprise may be employed as an instrument of redistribution of income and wealth, also of the extent to which this is feasible.

How amenable is public enterprise to the implementation of national distributional policies? This is the question explored here by Professor Ramanadham. Originally published in 1988, he examines the various channels through which distributional effects take place through their operations, and draws attention to the implicit conflicts of interest among consumers, workers, and tax payers. He focuses on the problems associated with the use of public enterprises as instruments of distributional goals and examines the question of whether direct budgetary measures on the part of government would be preferable. There are detailed analyses of the distributional implications of wage incomes, prices, and surpluses in the public enterprise sector. Finally, the author comments from the distributional angle on the results of privatization.Here is a detailed study of the way in which public enterprise may be employed as an instrument of redistribution of income and wealth, also of the extent to which this is feasible.

It is widely felt that the public sector in many developing countries is too large, and that privatisation would benefit both the users of individual services and the economy in general. However, enthusiasm for private enterprise solutions is not always matched by the requisite financial and economic technology. The sort of schemes appropriate for a country like China, with its highly planned public sector economy, and Jordan, with its dominant private sector, are unlikely to be the same. Privatisation without reference to these differences will be an economic, administrative and organisational chaos rather than a panacea.Originally published in 1989, this book starts with an analysis on the concept, rationale and fundamental issues of privatisation, with reference to both developed and developing countries. There follows a critical scrutiny of the privatisation programmes of countries in Asia, Africa and Latin America, written by contributors actively concerned with public enterprise and privatisation at the time. It examines the role of international aid agencies, including the World Bank, in promoting the schemes and it details the positive impact of them as well as their pitfalls. These country accounts are complemented by a concluding chapter giving an overview of the substantial issues raised.

It is widely felt that the public sector in many developing countries is too large, and that privatisation would benefit both the users of individual services and the economy in general. However, enthusiasm for private enterprise solutions is not always matched by the requisite financial and economic technology. The sort of schemes appropriate for a country like China, with its highly planned public sector economy, and Jordan, with its dominant private sector, are unlikely to be the same. Privatisation without reference to these differences will be an economic, administrative and organisational chaos rather than a panacea.Originally published in 1989, this book starts with an analysis on the concept, rationale and fundamental issues of privatisation, with reference to both developed and developing countries. There follows a critical scrutiny of the privatisation programmes of countries in Asia, Africa and Latin America, written by contributors actively concerned with public enterprise and privatisation at the time. It examines the role of international aid agencies, including the World Bank, in promoting the schemes and it details the positive impact of them as well as their pitfalls. These country accounts are complemented by a concluding chapter giving an overview of the substantial issues raised.

Originally published in 1971, this is a rigorous analysis of the economic aspects of the efficiency of public enterprises at the time. The author first restates and extends the relevant parts of welfare economics, and then illustrates its application to particular cases, drawing on the work of the National Board for Prices and Incomes, of which he was Deputy Chairman.The analysis is developed stage by stage, with the emphasis on applicability and ease of comprehension, rather than on generality or mathematical elegance. Financial performance, the second-best, the optimal degree of complexity of price structures and problems of optimal quality are first discussed in a static framework. Time is next introduced, leading to a marginal cost concept derived from a multi-period optimizing model. The analysis is then related to urban transport, shipping, gas and coal.This is likely to become a standard work of more general scope than the authors earlier book on electricity supply. It rests, however, on a similar combination of economic theory and high-level experience of the real problems of public enterprises.

Originally published in 1971, this is a rigorous analysis of the economic aspects of the efficiency of public enterprises at the time. The author first restates and extends the relevant parts of welfare economics, and then illustrates its application to particular cases, drawing on the work of the National Board for Prices and Incomes, of which he was Deputy Chairman.The analysis is developed stage by stage, with the emphasis on applicability and ease of comprehension, rather than on generality or mathematical elegance. Financial performance, the second-best, the optimal degree of complexity of price structures and problems of optimal quality are first discussed in a static framework. Time is next introduced, leading to a marginal cost concept derived from a multi-period optimizing model. The analysis is then related to urban transport, shipping, gas and coal.This is likely to become a standard work of more general scope than the authors earlier book on electricity supply. It rests, however, on a similar combination of economic theory and high-level experience of the real problems of public enterprises.

The Conservative’s privatisation programme was one of the most ambitious aspects of their attempt to redraft the political and economic map of the United Kingdom. Originally published in 1988, this book explores the processes of privatisation from a variety of standpoints. Its contributors include academics, enterprise executives and government officials, many of whom had been closely involved in the programme. Fiscal, legal and social aspects of privatisation are explored but the book treats the subject as more than an immediate political issue and takes the opportunity to discuss the success – or otherwise – of public enterprise and to explore the implication of the UK experience for other countries which have an interest in privatisation.

The Conservative’s privatisation programme was one of the most ambitious aspects of their attempt to redraft the political and economic map of the United Kingdom. Originally published in 1988, this book explores the processes of privatisation from a variety of standpoints. Its contributors include academics, enterprise executives and government officials, many of whom had been closely involved in the programme. Fiscal, legal and social aspects of privatisation are explored but the book treats the subject as more than an immediate political issue and takes the opportunity to discuss the success – or otherwise – of public enterprise and to explore the implication of the UK experience for other countries which have an interest in privatisation.

Public enterprises have played a central part in the development of all mixed economies in the post-war period, but they are now in a crisis phase. Privatisation has pushed back the level of public enterprise almost throughout the world. Where public enterprises remain, they are being brought under significant reforms. Originally published in 1991, this book presents a comprehensive critique of public enterprise, analysing why its performance has fallen far short of expectations. Part one is concerned with the establishment of public enterprises: the case for them, the circumstances in which they emerged, the extra enterprise objectives attached to them, and the decisions on their investment feasibility and capital structure.Part two looks at the working of public enterprises: the state of their financial performance, the peculiarities of pricing, the determination of targets which they should meet, the continuous monitoring and evaluation of their operations.Macro concerns are the focus of Part three. Among the issues addressed are the level of indirect taxation and subsidisation implicit in the pricing structures of public enterprises, the links between public enterprise and the public exchequer and the implications of their operations for distributional equity. In Part four the extent to which privatisation can solve the problems of public enterprise is discussed. The book ends with some broad conclusions on the future of public enterprise. Throughout, the approach is analytical, but the arguments are supported by extensive examples from both developed and developing economies.

Public enterprises have played a central part in the development of all mixed economies in the post-war period, but they are now in a crisis phase. Privatisation has pushed back the level of public enterprise almost throughout the world. Where public enterprises remain, they are being brought under significant reforms. Originally published in 1991, this book presents a comprehensive critique of public enterprise, analysing why its performance has fallen far short of expectations. Part one is concerned with the establishment of public enterprises: the case for them, the circumstances in which they emerged, the extra enterprise objectives attached to them, and the decisions on their investment feasibility and capital structure.Part two looks at the working of public enterprises: the state of their financial performance, the peculiarities of pricing, the determination of targets which they should meet, the continuous monitoring and evaluation of their operations.Macro concerns are the focus of Part three. Among the issues addressed are the level of indirect taxation and subsidisation implicit in the pricing structures of public enterprises, the links between public enterprise and the public exchequer and the implications of their operations for distributional equity. In Part four the extent to which privatisation can solve the problems of public enterprise is discussed. The book ends with some broad conclusions on the future of public enterprise. Throughout, the approach is analytical, but the arguments are supported by extensive examples from both developed and developing economies.

Originally published in 1959, the author has observed at first hand the workings of public enterprise in Britain. He has coupled objectivity with an acute sense of economic perception and has produced a clear and ordered study of the workings of nationalization in industry at the time.His book does not contain an argument on whether nationalization is desirable or not. On the assumption that there is nationalization he attempts to discuss certain important problems raised by it in the fields of management, pricing, resource allocation and public control. He hopes that a discussion of this nature will contribute towards ensuring the most satisfactory results from nationalization.

Originally published in 1959, the author has observed at first hand the workings of public enterprise in Britain. He has coupled objectivity with an acute sense of economic perception and has produced a clear and ordered study of the workings of nationalization in industry at the time.His book does not contain an argument on whether nationalization is desirable or not. On the assumption that there is nationalization he attempts to discuss certain important problems raised by it in the fields of management, pricing, resource allocation and public control. He hopes that a discussion of this nature will contribute towards ensuring the most satisfactory results from nationalization.

Originally published in 1986, this volume brings together papers on the organisational structure of select public enterprises from nine countries, developed and developing. They are set in different forms, work in different sectors and have diverse experiences, often on similar issues. The papers are written by top executives of the respective enterprises and, therefore, contain an authentic presentation of the problems and processes of organisation.The editor has included, at the beginning, an analytical review on certain fundamental aspects of organisational structure which, for the purpose of this volume, has been conceived in wide terms. Every one of these aspects is not exactly covered by every empirical paper. At the end he has provided a comparative review, trying to keep to a minimum repetition of material from the papers.