: ▁" priv at ization ▁by ▁sale ", ▁" mass ▁priv at ization ", ▁and ▁" m ixed ▁priv at ization ". ▁Their ▁calculations ▁showed ▁that ▁" mass ▁priv at ization " ▁was ▁the ▁most ▁effective ▁method . ▁ ▁However , ▁in ▁econom ies ▁" character ized ▁by ▁short ages " ▁and ▁maintained ▁by ▁the ▁state ▁b ureau c racy , ▁wealth ▁was ▁accum ulated ▁and ▁concentr ated ▁by ▁" gray / black ▁market " ▁operators . ▁Priv at izing ▁indust ries ▁by ▁sale ▁to ▁these ▁individuals ▁did ▁not ▁mean ▁a ▁transition ▁to ▁" effect ive ▁private ▁sector ▁own ers ▁[ of ▁former ] ▁state ▁assets ". ▁ ▁R ather ▁than ▁mainly ▁particip ating ▁in ▁a ▁market ▁economy , ▁these ▁individuals ▁could ▁prefer ▁elev ating ▁their ▁personal ▁status ▁or ▁prefer ▁accum ulating ▁political ▁power . ▁Instead , ▁outside ▁foreign ▁invest ment ▁led ▁to ▁the ▁efficient ▁conduct ▁of ▁former ▁state ▁assets ▁in ▁the ▁private ▁sector ▁and ▁market ▁economy . ▁ ▁Through ▁priv at ization ▁by ▁direct ▁asset ▁sale ▁or ▁the ▁stock ▁market , ▁b idd ers ▁comp ete ▁to ▁offer ▁higher ▁prices , ▁generating ▁more ▁re venue ▁for ▁the ▁state . ▁V ouch er ▁priv at ization , ▁on ▁the ▁other ▁hand , ▁could ▁represent ▁a ▁genu ine ▁transfer ▁of ▁assets ▁to ▁the ▁general ▁population , ▁creating ▁a ▁sense ▁of ▁participation ▁and ▁inclusion . ▁A ▁market ▁could ▁be ▁created ▁if ▁the ▁government ▁perm its ▁transfer ▁of ▁v ouch ers ▁among ▁v ouch er ▁hold ers . ▁▁ ▁Sec ured ▁borrow ing ▁ ▁Some ▁priv