Hensher,David A., ‘Privatisation: An Interpretative Essay’, Australian Economic Papers, Vol. 25, No. 47, December1986.
2.
See, for example, the write up on privatizations in The Economist, January 16, 1993.
3.
See, for example, (a) ‘Eastern European Economies - Looking Up’, The Economist, December 19,1992; (b) ‘Russia Under the Hammer‘, The Economist, November 28, 1992; (c) ‘Russian Privatisation - Free For All’, The Economist, July 18, 1992; (d) Chakravarty, S.N., ‘Getting the Elephant to Dance’, Forbes, Vol. 150, No. 2, July 20, 1992; (e) ‘The Global Sweep of Privatisation For What It's Worth’, Euromoney, July, 1990.
4.
‘Government Policy Towards Nationalised Industries’, text of the speech delivered by Mr. Norman Lamont, Minister of State for Industry, UK, at the European Centre of Public Enterprise in Bonn,May1982.
5.
While the economy in the UK grew at roughly 1.5 per cent per annum following the Industrial Revolution, GDP grew at 3 per cent per annum between 1950 and 1973, and retail prices inflation was 4.6 per cent per annum. With the oil shocks in the seventies, everything went berserk, inflation rate shot up to 9.1 percent in 1973 and 16.0 per cent in 1974. This led to restrictive fiscal policies which in turn slowed down the growth rate. Between 1973 and 1979 GDP grew at 1.4 per cent, but inflation raged at 15.6 per cent and fell to a single-digit level only in 1979. In 1979 after the second oil shock as oil prices doubled, inflation rate reached 22 per cent in May, 1980. There was a major change in the direction of the economy. The Medium Term Financial Strategy was launched. It expressed faith in supply-side economics, in the ability of The Private Sector to boost performance. The architect of this strategy, Nigel Lawson had, in a Times article published on 14 September 1978, suggested that: ‘The time has come for a wholly new approach to economic policy in Britain’. 1980–81 saw very tight government policy, inflation remained high and as recession hit the UK along with other world economies there was a severe drop in output. GDP fell by 2.7 per cent in 2 years. There was a strong recovery between 1982 and 1989 with GDP growing at 2.8 per cent to be followed by a sharp recession once again.
6.
Lawson, Nigel, The View from No. 11, London: Bantam Press, 1992.
7.
‘Privatisation - The Wheat And The Chaff’, by McCroneAngus in the Sunday Telegraph, July 5, 1992.
8.
The Economist, September 16, 1989.
9.
Between 1986 and 1992 the rise in gas prices has been way behind the rate of inflation and the same is the case for telephone services since 1984.
