Abstract
This essay traces the evolution of the Malaysian government's decision to undertake a major privatization initiative. A specific transaction—the Port Kelang Container Terminal — is described and assessed. As in several other developing countries that are undergoing a similar transformation, privatization was part of a broader public policy response to poor public enterprise performance, mounting domestic and external debt levels, unsustainable public sector deficits, and political change. The Container Terminal privatization illustrates the difficulties inherent in implementation, such as a shortfall of skilled government personnel, legal obstacles, protracted negotiations with employees, and differences about the acceptable terms and conditions of sale.
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