Privatisation in Western economies

The economic history of the twentieth century has been characterised by a steady increase in the scale and scope of government intervention in the economy. The last decade has seen remarkable reversals. The most dramatic has been the collapse of the command economies of Eastern Europe. This follows on, however, from an extensive movement towards privatisation in Western economies themselves, in which many of the assets and industries which were in the public sector at the beginning of the decade have been transferred to individual or corporate ownership.