Abstract
Market Failure is the exiting of the company or the business from the market. Inefficiency whether in the supply or the demand could lead to market failure. One of the actions that could be resulted because of market failure is privatization. Privatization happens when the government fail to manage the business and cope with the crisis that could happen in the market. This failure will lead to a debt increase, so the government expenditure will increase, and this will force the government to sell the company to private investor or investors (Privatization). British Petroleum Company was one of the firms that were completely privatized by the United Kingdom government in the year 1987 due to many reasons. The purpose of the paper is to present the process of privatization of British Petroleum and clarify the prerequisites for market stabilization. In addition, this paper will discuss the main recommendation and policies that can be implemented for this company to succeed to regain its market share. Also, the paper will explain the effect the market failure has on the sustainable development goal (SDGs).
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