Back to the Future: The potential in infrastructure privatization
Author: Michael Klein and Neil Roger Date: 11/1/1994 (PDF, 200KB)
Will the current wave of privatization lead to lasting welfare gains, or is it just part of a historical cycle? In Back to the Future, Michael Klein and Neil Roger note that in the nineteenth century railways, canals, roads, and gas, power, and water systems were privately owned. They conclude that the only way to insure against another turn in the cycle is to expand the scope for more automatic "regulation" through competition.