The Initiation and Spread of Privatization
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Privatization may be broadly defined as ‘the shifting of function, either in whole or in part, from the public to the private sector’, such that there is ‘increased reliance on private actors and market forces’.1 The range of activities associated with privatization include divestment of state assets, contracting out public services to private companies and deregulation of monopolies.2 For the purpose of the current research, I will focus only on one particular aspect of privatization, that is, the process of deliberate transfer and sale, in whole or in part, by a government of state-owned enterprises or assets to private economic agents.3 This process also includes preparations for the actual sale, such as corporatization, appointing suitable general managers and drawing up the terms of the sale. Given that privatization, and more broadly economic reforms, arouses considerable opposition and win few immediate supporters for any government, why then did the nascent Russian government embrace and perpetuate such a radical policy change in the oil industry?
KeywordsInside Ownership Presidential Decree Bureaucratic Agency Liberal Reformer Regional Elite
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