Privatization Assures Benefits to All Parties Involved

Korea Times (Seoul, Korea), May 23, 2000 | Go to article overview

Privatization Assures Benefits to All Parties Involved


Even in advanced countries, privatization did not come easy or quickly. However, when it did, they proved to be beneficial to all parties involved in numerous cases.

According to Dr. Lee Joo-sun, senior research of the Korea Economic Research Institute privatization is a necessity and profitable when done correctly with government, company and union driving the program.

``Privatization is basically a process through which the inefficient aspects of state-run companies, which represent government, monopoly and regulation, are eliminated and streamlined,'' he said.

Unfortunately, both management and unions of state-run companies have opposed restructuring in the past, and now to a certain extent, but they are beginning to see the incentives that come with it.

``Through privatization, these companies can severe their ties to the government and politicians and this in itself is a advantage. Political rent extraction and regulation become more difficult,'' Dr. Lee said.

He said privatization leaves shareholders as owners of the companies and the management to run them and answer for their decisions and this is a much more efficient model that one of the past.

``We are at a point where privatization can happen quickly if the government is committed. Conditions now are better than before and so there is little excuse,'' Lee said.

Not that privatization is not being done. Lee, who sits on the committee for restructuring the power industry, said privatization, if you can call it that, is moving full speed ahead.

``Again, here we have a situation where things have been allowed down by the National Assembly which has yet to pass the law on restructuring Korea Electric Power Corp. (KEPCO),'' he noted.

While legislators are trying to slow the process down, much of the work at KEPCO is complete and it is already a very different company from what it had been in the past.

``Under the privatization program, KEPCO's power generating business is to be divided up into six units and the basic work has already been done. What I have found is that even though the units have yet to be formally separated, they have very different understanding about who they are and what their objectives are,'' he noted. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Privatization Assures Benefits to All Parties Involved
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.