Latin American railway privatization has achieved significant results, since the situation today is better than if the railways had remained under management and operation by the State. Traffic volumes have generally increased, although with wide variations between individual cases; government subsidies have been cut, and productivity has improved. On the other hand, the privatization of railways in Latin America has not been an unqualified success, because of certain features of the privatization models used and the environment of the transport sector in which the railways have to compete.