Abstract

Privatization appears to have swept the field and won the day.1 More than 100 countries on every continent have privatized some or most of their state-owned companies in every sector of infrastructure, manufacturing, and services. An estimated 75,000 medium and large firms worldwide, including many in Central and Eastern Europe (CEE) and in the Baltics, Russia, and other countries of the former Soviet Union (BRO), have been divested, along with hundreds of thousands of small business units. Proceeds generated from these efforts are estimated at more than $735 billion (Privatisation International, 1998).2 Every country (including Cambodia, China, India, Laos, Russia, and Vietnam) that still retains a significant number of publicly owned firms is privatizing some or most of its firms (except Cuba and the Democratic People’s Republic of Korea).