He said that corruption was a byproduct of the crony capitalism of the 1990s when, in the aftermath of communism, state assets were privatized, financial regulation was weak and collusion flourished between government agencies and corporate interests.
Dr. Jiang believes in privatized healthcare, with regulation.
The regulation of privatized utilities illustrates this point clearly.
By the end of the decade, more than half of the state-owned enterprises had been privatized, and annual inflation, under regulation by a new currency board, had been lowered.
The company also benefitted from a warmer economic climate; starting in 1991, India privatized many industries and reduced regulations.
And when higher-yielding money-market accounts threatened the S&Ls with obsolescence, the government stepped in to guarantee larger S&L deposits alongside reduced regulations that essentially privatized gains in concert with the socialization of losses.
Second, the government privatized some key aspects of environmental regulation.
In a paper published in August, Elaine Kamarck, a Brookings Institute senior fellow, suggested the Postal Service be divided into two entities: a public agency dedicated to delivering mail, and privatized one to free it from regulations.
Although the economy grew by 43percentt in the 90's as President Carlos Saúl Menem privatized much of the government and cut regulations, government spending rose by a larger 90percentt.
A significant portion of the press was privatized, but important elements still remained under the control and regulation of the government, particularly the television news media.
