The Roots of Privatization

Source: Matthew Wills, JSTOR Daily, April 23, 2018
 
The privatization of the pubic sector has been one of the defining policies of the world economy since the 1970s. State-owned utilities and monopolies have been sold off or transferred to the private sector on the neoliberal theory that “the market” is more rational and better able to manage such enterprises. Under the Pinochet dictatorship, Chile set the stage, moving towards privatizing the state in the 1970s. Under Thatcher, the U.K. began privatizing in the 1980s. The Spanish scholar Germà Bel addresses where the idea of privatization comes from. Neoliberalism, predicated on a primacy of the market, is the overarching ideology of privatization. …