LYCOS RETRIEVER 
Privatization: Public
built 630 days ago
Privatization "is both an economic and political exercise but more the latter," notes Mr. Bernard Verr, director-general of Nigeria's Bureau of Public Enterprises and a member of its National Council on Privatization. Therefore, he adds, privatization requires "the commitment of the highest political authority."
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The privatization of public higher education ... increases the risk of conflicts of interest with corporations and other sponsors of research. While most universities are well aware of these potential conflicts, the new operating environment requires clear guidelines for transparency in such dealings and protections for the academic freedom of researchers to share their results within the scientific community. The market dictates that the results from labs be treated as proprietary—often to be sold, not given away for the public good.
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In sectors that are natural monopolies or public services, the results of privatization are much more mixed, as a private monopoly behaves much the same as a public one in liberal economic theory. In general, if the performance of an existing public sector operation is sufficiently bad, privatization (or threat thereof) has been known to improve matters. Changes may include, inter alia, the imposition of related reforms such as greater transparency and accountability of management, improved internal controls, regulatory systems, and better financing, rather than privatization itself.
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[P]rivatization of monopolies without appropriate regulatory restrictions may create unfair profit opportunities and overall welfare losses. Post-1992 Russia is the most notable example of how privatization of SOEs can lead to oligarchy and monopoly. Indeed, privatization has been dogged by concerns about rising unemployment and social dislocation. Where transactions lack transparency, they signal corruption and illicit private gain in the name of public interest.
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