The masters of the universe must be rubbing their hands with glee: Dubai has announced it is considering a policy of privatisation of government assets, and the fees for the investment banks, brokers and other assorted hangers-on, in what could be a multibillion-dollar bonanza, will be enormous.
But, as they all begin beating a path to Dubai's door with proposals, it is worth looking at how other governments, with different perspectives and imperatives, have gone about the process of privatisation. As an economic policy, it has a mixed track record.
Privatisation can be described as the transfer of government-owned assets to the private sector in return for cash. Critics from the left brand it the biggest trick a government can pull because, to them, it seems like selling the people something they already own, and it is sometimes branded the 'sale of the family silver'.
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