NATIONALIZATION AND PRIVATIZATION AS METHODS OF TRANSITION BETWEEN PRIVATE AND STATE OWNERSHIP: THE EXPERIENCE OF UKRAINE AND GREAT BRITAIN

Анотація

. The article analyzes a range of publications by English scholars focused on examining the conditions, causes, and consequences of cycles (waves) of nationalization and privatization that occurred in the United Kingdom during various historical periods. The study of transitions between public and private ownership in the UK benefits from the availability of a substantial dataset compiled and processed over nearly two centuries, specifically concerning nationalization and privatization, which significantly simplifies the analysis of interrelationships between these processes. Nationalization and privatization are proposed to be considered as methods for transitioning between private and public ownership, which alter the structure of the national economy. The study substantiates the advisability of distinguishing six stages in the application of these methods by UK governments. The economic and political conditions under which each of these stages began are examined, and their contents and outcomes are briefly outlined. Special attention is paid to uncovering the reasons behind the "renaissance" of nationalization in the country's banking sector in 2008–2009. Additionally, the privatization of Royal Mail in 2013–2015—one of the last major public infrastructure assets in the UK economy is analyzed. In light of the identified patterns in the nationalization and privatization cycles in the UK, comparative analysis reveals several distinctive features in the application of these tools for changing ownership structures in Ukraine during the pre-war period and amidst Russian military aggression. Comparative analysis was primarily applied to Ukraine’s infrastructure sectors, including electric power, landline communications, and local gas distribution networks, as these sectors were frequently subject to nationalization and privatization procedures by the UK government. A conclusion is drawn that a common feature at the start of each phase of nationalization and privatization in both countries was the lack of proper theoretical justification regarding the necessity and potential consequences of applying these two economic policy methods, a statement especially relevant for Ukraine. Consequently, various theoretical aspects of property relations transformation were often studied with a certain delay, which reduced the effectiveness of the respective economic policies. Keywords : privatization, nationalization, cycles (waves) of nationalization and privatization, ownership, methods of transitioning between private and public ownership.

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