Voucher Privatization with Investment Funds

From the early to the late 1990s, the World Bank adopted an ‘Official Policy’ of voucher privatization with investment funds in the post-socialist countries. I was one of the few overt dissenters inside the Bank. After Joe Stiglitz became the Chief Economist in 1997 and I became his Senior Advisor and speechwriter, then I was allowed to publish this paper as a research document of the Bank (although it had been circulating as samizdat for a few years). It has been cited many times as an early and representative critique of voucher privatization with investment funds.

Click here to download the research publication.