The (rip) tide of privatization: Lessons from Chile

Abstract

Chile is one of the rare exceptions where the voluble enthusiasm for privatization has been put into effect. Of the 500 companies that were under state ownership in the early 1970s, only 19 remained under public control at the end of the decade. Moreover, a land reform which had affected 43% of the country's cultivable area was rolled back by almost 40%. Privatization indisputably increased the economic power of a number of conglomerates and fostered the concentration of assets. However, the complexity of the liberalization package that accompanied privatization makes it difficult to establish strict causality for the economic collapse that followed in the early 1980s. The Chilean experience with privatization reveals some interesting lessons that other countries may wish to consider.

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