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Journal of Developing Societies
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Articles

Privatization, Governance and Economic Development in Developing Countries

Samuel Adams

Samuel Adams, PhD, is at the Ghana Institute of Management and Public Administration, P.O. Box AH 50, Achimota Accra, Ghana. [email: sadamss2000{at}yahoo.com]

Berhanu Mengistu

Berhanu Mengistu, PhD, is Department Chair at Department of Public Administration and Urban Studies, College of Business and Public Administration, 2090 Constant Hall, Old Dominion University, Norfolk, VA 23529-0218. [email: bmengist{at}odu.edu]

The study examined the impact of privatization on economic growth and income inequality in 82 developing countries between 1991 and 2002. Using the least squares dummy variable (LSDV) approach, we found that privatization did not have a significant impact on both economic growth and income inequality. However, good governance had a positive impact on economic growth and a negative impact on income inequality, while foreign direct investment (FDI) had a negligible impact on economic growth but a positive effect on income inequality. The findings of the study suggest that country-specific characteristics may be more important in promoting growth and reducing income inequality than any economic policy per se.

Key Words: privatization • governance • economic development • economic growth • income inequality • foreign direct investment • openness

Journal of Developing Societies, Vol. 24, No. 4, 415-438 (2008)
DOI: 10.1177/0169796X0902400401
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