In several Western democracies, the poor performance of state-owned enterprises, because of protection from competition and guaranteed government financial support, led to

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In many countries, state-owned companies performed poorly. As a consequence, a number of Western democracies voted many social democratic parties out of office in the late 1970s and early 1980s. They were succeeded by political parties, such as Britain's Conservative Party and Germany's Christian Democratic Party, that were more committed to free market economics. These parties sold state-owned enterprises to private investors (a process referred to as privatization).

In Several Western Democracies, the Poor Performance of State-Owned Enterprises