Future historians will undoubtedly describe the 1980s and 1990s as the era of privatization, when an unprecedented amount of worldwide control was transferred from the public sector to private ownership. This dynamic process, fueled by the fall of communist regimes across Eastern Europe and the Soviet Union, is currently among the most hotly debated topics in the U.S. policy community. This volume examines the promises and pitfalls of national and global privatization, providing a variety of perspectives on how privatization can best be achieved. Supported by a wealth of empirical evidence, the contributors assess the institutional changes and economic impact of this worldwide phenomenon.