This article looks at the specific processes by which policies are formulated, implemented, and changed. The case study considered posits that privatization may mean different things depending on the formula used, the assets transferred, and the resulting potential for change in the regulatory framework where the privatized firm is to operate. Any interpretation of economic policy concerning privatization should, therefore, examine the details of each operation to identify the ultimate goals, priorities, and economic transmission mechanisms involved. Here, the case of Spain is used to illustrate the various economic policy objectives (consolidating the production system, reducing public sector funding requirements, rebalancing the private and public sectors, etc.) that guide decisions on privatization.
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