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Abstract What principles should guide a further programme of privatization? What kinds of problems will be encountered, and where should the priorities lie? Economists have not written much on these issues. We hope to provide an explicit structure in which relevant questions can be identified and answered. ‘Privatization’ is generally used to mean the formation of a Companies Act company and the subsequent sale of at least 50 per cent of the shares to private shareholders. However, the underlying idea is to improve industry performance by increasing the role of market forces. Many other measures can contribute to this, notably freeing of entry to an industry, encouraging competition, and permitting joint ventures. Market forces can also be increased by restructuring the nationalized industry, to create several successor companies which may be publicly owned. To secure maximum benefits, a whole set of measures must be designed for each industry, including privatization as a key element.
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