This paper tries to solve the following puzzle. Given that UK governments have, in principle, so much administrative discretion, how were the Conservative governments of the 1980s able to privatize the telecommunications, electricity, water, gas, and airport sectors so prone for administrative...

In the past decade the United Kingdom has emerged as a world pacesetter for institutional change in the telecommunications sector. In particular, British Telecom has been divested, price-cap regulation has been introduced, a new regulatory institution (Oftel) has been set up (with its Director...