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John W. Garrett
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Notes and Articles of John Garrett
Description: This item consists of copies of political papers, speeches, correspondence and newspaper clipping relating to governance of the southern states in America, and reports on affairs of various American railroad companies. Also included is a letter to Mrs Garrett relating to the death of John Garrett, and a biographical entry for John Garrett as issued for The National Encyclopaedia of American Biography.
Economic and Legal Considerations of Optimal Privatization
Successful privatization must be accompanied by the complete removal of privileges and any public policy mission. Bank behavior changes rapidly as profit maximation replaces the bureaucratic objective function. Once privileges are granted, they are difficult to remove. Therefore, privatization is a one-time (nonreversible) operation. The German mortgage bank, DePfa, went through a carefully planned and lengthy privatization process that was successful. Fannie Mae, the U.S. mortgage firm, became a privately owned institution endowed with special privileges, which led to a quasi-monopoly position. This resulted in suboptimal financial sector performance. Fannie Mae’s special privileges have proven resistant to reform efforts.
Annual Reports ...
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