privatization and its significance on european financial markets and its consequence on social welfare

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1、PrivatizationanditsSignificanceonEuropeanFinancialMarketsanditsConsequenceonSocialWelfarebyDr.IoannisN.KallianiotisEconomics/FinanceDepartmentTheArthurJ.KaniaSchoolofManagementUniversityofScrantonScranton,PA18510-4602U.S.A.Tel.(570)941-7577Fax(570)941-4825E-Mail:jnk353@scranton

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3、~oujke[stiswthriva..>>Yalm.rmev(145)JEL(Classification):D6,F15,G15,H82,J64,L32KeyWords:EconomicWelfareEconomicIntegrationInternationalFinancialMarketsGovernmentalPropertyUnemploymentPublicEnterprises26October2011Privati

4、zationanditsSignificanceonEuropeanFinancialMarketsanditsConsequenceonSocialWelfareAbstractEconomics/FinanceDepartment,TheArthurJ.KaniaSchoolofManagement,UniversityofScranton,Scranton,PA18510,U.S.A.Apreviousversionofthispaperpresentedatthe2009FinancialServicesSymposiumoftheFinan

5、cialServicesInstituteatSt.John’sUniversity,101MurrayStreet,NewYorkCity,N.Y.,onSeptember4,2009.IwouldliketoacknowledgetheassistanceprovidedbyJatinkumarAhir,MarioMigliori,BrandonDragone,andKevinMcLaughlin.Financialsupport(professionaltravelexpenses,submissionfees,etc.)wasprovided

6、byProvost’sOffice(FRAPFundsandHenryGeorgeFunds).Theusualdisclaimerapplies.Then,allremainingerrorsaremine.Theobjectiveofthispaperistopresentanddiscusstheprosandconsofprivatization(transferringtheownershipandmanagementofstate-ownedenterprisestoprivatefirms)intheEuropeanUnionandit

7、seffectontheeconomy,financialmarkets,employment,nationalwealth,andsocialwelfare.Privatizationmightincreaseefficiency,productivity,andliquidityinthefinancialmarkets,butatthesametime,itcausesunemployment,dependencyonforeigncapitalandmultinationalfirms,andtheworstofallthecountrylo

8、sesitsnationalwealthandthesocialwelfareisdeclining.Governmentshavetoincreaseproductivityandefficiencyofthepublicsectorandkeepthestate-ownedenterprises,whichprovidenationalsecurity,safety,andotherpublicservices,aspublicones.Nationalizationhasprovedrecently,withthecurrentfinancia

9、lcrisis,whichhasbeencreatedbytheuncontrolledprivatefir