per ▁design ▁and ▁in ade qu ate ▁control ▁of ▁the ▁priv at ization ▁process ▁leading ▁to ▁asset ▁stri pping ). ▁ ▁Job ▁loss : ▁due ▁to ▁the ▁additional ▁financial ▁bur den ▁placed ▁on ▁priv at ized ▁companies ▁to ▁succeed ▁without ▁any ▁government ▁help , ▁unlike ▁the ▁public ▁companies , ▁jobs ▁could ▁be ▁lost ▁to ▁keep ▁more ▁money ▁in ▁the ▁company . ▁ ▁Red u ced ▁w ages ▁and ▁benefits : ▁a ▁ 2 0 1 4 ▁report ▁by ▁In ▁the ▁Public ▁Interest , ▁a ▁resource ▁center ▁on ▁priv at ization , ▁arg ues ▁that ▁" outs our cing ▁public ▁services ▁sets ▁off ▁a ▁down ward ▁spir al ▁in ▁which ▁reduced ▁worker ▁w ages ▁and ▁benefits ▁can ▁hurt ▁the ▁local ▁economy ▁and ▁overall ▁stability ▁of ▁middle ▁and ▁working ▁class ▁communities ." ▁ ▁In fer ior ▁quality ▁products : ▁private , ▁for - pro fit ▁companies ▁might ▁cut ▁corners ▁on ▁providing ▁quality ▁goods ▁and ▁services ▁in ▁order ▁to ▁maxim ize ▁profit . ▁▁ ▁Econom ic ▁theory ▁ ▁In ▁economic ▁theory , ▁priv at ization ▁has ▁been ▁studied ▁in ▁the ▁field ▁of ▁contract ▁theory . ▁When ▁contract s ▁are ▁complete , ▁institutions ▁such ▁as ▁( private ▁or ▁public ) ▁property ▁are ▁difficult ▁to ▁explain , ▁since ▁every ▁desired ▁in cent ive ▁structure ▁can ▁be ▁achieved ▁with ▁sufficiently ▁complex ▁contract ual ▁arrang ements , ▁regardless ▁of ▁the ▁institution al ▁structure ▁( all ▁that ▁matters ▁is ▁who ▁are ▁the ▁decision ▁mak ers ▁and ▁what ▁is ▁their ▁available ▁information ). ▁In ▁contrast , ▁when ▁contract s ▁are ▁incomplete ,