This paper provides a critical analysis of the recent developments in the incomplete contracts theory and its conclusions for privatisation of public services. Drawing on a case study of management contract for urban water services in Ghana and highlighting the flaws in the theory, the article...

Privatization programmes in the developing world have often been assessed on the grounds of efficiency. In recent years a more critical literature with a focus on the distributional and poverty impact of privatization has emerged. This article contributes to that literature in two ways. First,...

This article examines the sustainability of wholesale power prices following the 2001 economic crisis in Argentina. We depart from the contractual disputes between the multinational power generating companies and the state of Argentina, arising from price and investment interventions after the...

Many African economies have experienced rather dismal industrial development since the 1980s. The consensus is that African firms lack competitiveness in a world with increasing trade openness. What determines competitiveness? A well-known explanation is that resource endowments in Africa favour...