chapter  2
17 Pages


WithGeorge Yarrow

British privatization policies have encompassed enterprises at both the central and local government levels. The analysis here will concentrate on the former, which is the area of policy that has attracted the most international attention. Collectively, state-owned enterprises that are controlled by central government are/were known in Britain as nationalized firms. They typically take the legal form of a public corporation (see Vickers and Yarrow, 1988), an institutional device that seeks to combine managerial autonomy in day-to-day decision making with political control of strategic policy decisions.