Marketing 2

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a number of common features in relation to the drive towards privatization. For most of these countries,
the first twenty years of independence were characterized by rapid growth, driven by favorable terms of trade and high levels of
public investments in infrastructure and services. The development of import substituting industries brought in the dramatic rise
of parastatal corporations, which were also used as vehicles for increased local participation in the economies. Many
governments moved to nationalize existing foreign interests in their countries and also to create new state enterprises to carry
out the various production and trading functions. Parastatal corporations rapidly dominated the extractive industries,
manufacturing and financial sectors of their economies, and acquired important economic and political status, becoming major
sources of employment. The moderate growth experienced in the seventies, however, was quickly reversed by the financial
crisis of the ...

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