in developed and developing countries alike, privatization is one of the most revolutionary innovations in the recent history of economic policy. Margaret Thatcher has made it a central part of her economic policy in Great Britain; last November the French embarked on a program to sell off sixty-five state-owned companies and banks; and major privatization program are underway in developing countries everywhere. Even the "People's Republics" of Africa--countries such as Angola, Benin, the Congo, and Tanzania--have begun turning to private-sector management of inefficient state-owned firms.