Industrial Organization Analyses of the Privatization in the UK

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1. This work has two parts : one is the general theory of privatization policy, and the other is case studies of current privatization in the UK. 2. The general theory includes the analyses of backgrounds, motivations, objectives, methods and targets of privatization policy. (1) We recognize that privatization should be judged as a maneuver of economic policies. (2) In fact, however, the enforcement of it is affected by politics and interest groups. (3) Moreover there is no common quideline for the enforcement because each company to be privatized has individual conditions. (4) Indeed it is an important point whether the efficiencies of resource allocation and of management can be improved in the privatization process. 3. In case studies the targets of privatization policy are classified into three categories : manufactures, transports and public utilities. (1) We must consider not only appropriate procedures of privatization in each category, but also new regulation problems for privatized companies. (2) There are some undesirable cases which the government remains intervening in privatized companies after the shares are sold off. (3) Particularly it should be criticized that the government can hold discretionary powers to privatized companies through "Golden Shares". (4) "Golden Shares" seem to be derived from the idea of interventionism in the past industrial policy, but they are not harmonized with the idea of privatization policy. (5) It is evident that the techniques of new regulation, especially for public utilities, should be established in terms of promoting competition, not of increasing government intervention. (6) We can conclude that the efficiencies can be improved only by the policies which closely relate to promoting competition. 4. In future this work is to be connected with the issues such as "Privatization and EC Integration" and "Comparison of Deregulation Policies between Japan and UK".