Privatization and Economic Revival

This report covers the theme of Privatization and Economic Revival, which was discussed by a number of leading privatization experts at the Fourth London Conference on Privatization held in Westminster. The London Conference has now become a principal event in the internation privatization calendar, and at the Fourth Conference we welcomed over 250 top-ranking delegates from 50 different countries and different territories. 

The practical and world-wide experience of our contributors prompted us to concentrate this report onto the special features of privatization in developing countries. this resulting report provides policymaker in the developing world with a manual of a great insight, which should help them press ahead towards the important political and economic benefits which privatization can bring. 

Read the the first part of the report here and the second part here.

An Arresting Idea

At the centre of the problem for the Police Service is the fact that while the crime rate appears to rise inexorably, local authorities and central government have to operate within an economic framework of financial restraint. Resource allocation to the police therefore not only implies difficult decisions, but is further complicated because the business of evaluating the success of the police is an imprecise and highly subjective matter.

The Police Service with its monopolistic, un–competitive structure, operates all too easily in an environment where there is little or no yardstick for comparison against alternatives. This report looks at the different ways that crime is combatted. It also argues that a return to local policing is the way forward to fight the rising levels of crime with the major restructuring of the police service giving rise to greater service evaluation, improved efficiency and a more flexible response to the increasing market demand for choice.

Read the full paper. 

Empowerment

In Empowerment Dr Madsen Pirie, Graham Mather, David Freeman, John Willman and Christopher Monckton talks about how privatization was the key theme of the 1980's and how if successfully engineered empowerment as a policy innovation could become the key theme of the 1990's.

Read the full paper. 

Does socialism mean never having to say you're sorry?

In this essay, Professor Kenneth Minogue puts in context the claim that events in Eastern Europe leave the genuine blueprint of socialism quite untorn. He argues that it represents just one more example of a familiar human frailty, the sad but common unwillingness of human beings to give up their most cherished beliefs and prejudices.  

Read the full paper.

Bucking the Market

There is a growing consensus in Britain that urgent membership of the Exchange Rate Mechanism of the European Monetary System is required to cure Britain's inflation and to secure the re-election of the Conservatives at the next election. The argument put forward by proponents of membership is, however, flawed and many of those who argue for membership have secondary reasons unconnected with sound analyses of the problems facing the British economy. Most of these arguments skim swiftly over the economic reasons for membership to concentrate on the political or the future of the EEC. And, indeed, many proponents of ERM are also unapologetic supporters of full monetary union. It is interesting that the clamouring for membership of the ERM is only now being put forward as a panacea for our inflationary problems. It was not so mooted as a cure for the inflation faced by Britain in the early 1980s. Is it a coincidence that the current calls for membership of the ERM occur at the same time as those in favour of full monetary union are pressing ahead on the next stage of their plan?

This paper seeks to scrutinise the major arguments put forward in favour of ERM membership - whether it be early membership, or even membership "when the time is right". It argues that membership of the ERM would not solve the problems faced by Britain. It seeks to establish this by concentrating on the following areas:

1. by exposing the flaws in the economic argument in favour of joining the ERM;
2. by highlighting the political implications of membership.

Read the full paper. 

Privatization Now!

This report contains the edited transcripts of the remarks given at the Third London Conference on Privatization.

The authors' worldwide experience prompted us to concentrate the focus of the Third London Conference onto the special features of privatization in developing countries. This resulting report provides policymakers in the developing world with a manual of great insight, which should help them press ahead towards the important political and economic benefits of privatization.

Read the first part of the report here and the second part here.

A Moving Experience

Edward Brooks says the English house-selling system is archaic, costly, slow, and nerve-racking for all concerned. His solution? Binding contracts, house logbooks, searches done by vendors before the house is put on the market - and a second-hand market in houses.

Read it here.

A Friend in Need

Based on the ideas of Labour MP Frank Field, this report suggests steps toward localization of welfare services through the old Friendly Societies system, rather than the modern state-centered organization. In a bold move away from his party, Field recognized the problems of the state controlled system and the benefits that market forces and local control could incur on the system proposal. In the move back to the Friendly Societies, unemployment benefits would be dispensed locally with specialized services specific to communities, giving customers options of moving to Societies which benefit them most - increasing level of service for all through competition. This report finally concludes that such a change could improve not only the UK, but services across Europe as the trends of competitiveness spread.

Read the whole paper here. 

Adam Smith's Legacy

Prominent academics, journalists and politicians highlight the historical contribution of Adam Smith and the role of his ideas in the shaping of modern economic thinking. Includes contributions by Leo Rosten, Professors William Letwin and Edwin G West who speak to The Wealth of Nations and The Theory of Moral Sentiments specifically, Richard Vernier, Russell Lewis, writing about Adam Smith today, Rt Hon Nicholas Ridley, Professor Norman Barry with a piece about the ethics of capitalism, and Dr Jeremy Shearmur.

Read the full essay collection here

Competition for the Phone

In approaching the decisions that have to be made in the forthcoming duopoly review, this paper argues that the UK should adopt the same approach that it has to other industries as they move towards more effective competition. The reduction in intervention, and the increased opportunity for market forces to shape companies throughout British industry, have transformed many under-performing sectors. They will be no less effective in the telecommunications sector.  

Read full paper.