This is almost word for word the economic advice given by Larry Summers to Russia when Yeltsin (an American puppet) was figuring out what to do with Russian industries after the collapse of the Soviet Union.

He told them to put it in private hands. He told them it didn't really matter whose hands it ended up in. He told them that provided it was in private hands with property rights well respected then the economy would thrive throughout the 90s.

It ultimately ended up mostly in the hands of the oligarchs or abandoned while the rest of Russia starved. A lot of it got clawed back in the early 2000s and has been better managed since.