Subject category:
Strategy and General Management
Published in:
1996
Length: 29 pages
Data source: Field research
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Abstract
In the mid 1980s the Jamaican Government embarked on a major programme of economic reforms involving liberalisation, privatisation and de-regulation. National Commercial Bank, previously a Barclays subsidiary, came to be seen as the test case in the privatisation process. Further financial support from the World Bank, IMF and USAID depended on successful privatisation. The Jamaica Labour Party under Eddie Seaga successfully sold 51% of the shares of NCB through massive publicity. At the time of privatisation the Norman Manley People''s National Party threatened re-nationalisation on coming back to power. In the early 1990s the same Manley''s PNP, when in government, sold the remaining 49% under a secret deal after much public complaint. The case contrasts two different strategies in the sale of public assets and highlights the political issues of privatisation.
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Abstract
In the mid 1980s the Jamaican Government embarked on a major programme of economic reforms involving liberalisation, privatisation and de-regulation. National Commercial Bank, previously a Barclays subsidiary, came to be seen as the test case in the privatisation process. Further financial support from the World Bank, IMF and USAID depended on successful privatisation. The Jamaica Labour Party under Eddie Seaga successfully sold 51% of the shares of NCB through massive publicity. At the time of privatisation the Norman Manley People''s National Party threatened re-nationalisation on coming back to power. In the early 1990s the same Manley''s PNP, when in government, sold the remaining 49% under a secret deal after much public complaint. The case contrasts two different strategies in the sale of public assets and highlights the political issues of privatisation.