The Assessment: Contracts and Competition.
A significant recent development has been the extension of market processes to activities which were previously provided by the public sector. A central feature of newly privatized markets is the emergence of widespread forms of contracting. Explicit contracting is used where in the past transactions had taken place internally within a public enterprise or a government department. The design of efficient forms of contracting has been an essential component of the development of new markets an...Expand abstract
- Oxford Review of Economic Policy
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