Privatization has dominated industrial restructuring programmes since the 1980s and continues to do so. This handbook considers all aspects of this key issue, including the theory of privatization; privatization in transition, developed and developing economies; and the economic regulation of privatized industries. The studies in this volume, introduced by international experts in the field, present evidence of the scope and effects of privatization, and consequently provide the basis for improving both policy formulation and implementation. However, they also emphasize that privatization is not an end in itself. It is argued that for privatization to be worthwhile and for lasting economic efficiency gains to be achieved, supporting reforms must accompany most privatization programmes, particularly in the arenas of corporate governance and capital markets, product market competition and state regulatory processes. Furthermore, several contributors demonstrate that the degree to which ownership and market liberalization can be usefully separated and whether privatization without either competition or effective regulation is worthwhile, remain controversial issues.