Thailand is undertaking sweeping reforms of its infrastructure sector. In September 1998, the Thai government unveiled its privatisation "Master Plan", written with the assistance of the World Bank, which established its plan for the privatisation of 59 state-owned enterprises (SOEs). These enterprises are an integral part of the economic reform policy in key sectors of the economy. Privatisation policy has been advanced as a solution for governments to the problems of fiscal deficits and the need to rebuild infrastructure and expand service delivery throughout the world. Possible benefits include lower operating costs, more appropriate allocation and direction of resources, increased choice, increased quantity, decentralised decision making, increased speed of decision making and service delivery, and accessing creativity and expertise within the private sector. Yet many of the market failure lessons of the past are not discussed in any depth in recent privatisation literature, and few case studies are comprehensive. This thesis critically reviews existing world literature, theory, and evaluative frameworks in the context of a qualitative case study of Thailand's new airport privatisation