Negative Effects of Privatization You are here: Negative Effects of… The basis of economics is not entirely on the study of economic trends, or on the efficient use of scarce resources to satisfy unlimited wants, it is also based on using this information to best meet the needs of society. If indeed this is true, the prospect of the privatization of our most important industries is counter-productive to the needs of society.
Essay On The Nationalization: Its Advantages and Disadvantages Article shared by Generally speaking nationalization means the control of industries by the state. When a Government takes under its control as owner any privately run business, then this act is known as the act of nationalization.
The State and the Government become responsible for the loss and the profit of the nationalized business. A few years ago, in our won country, life insurance business was nationalized.
Then fourteen banks were nationalized. Bus services on different routes have also been nationalized. Many other industries and business concerns, including coal mines, have also been taken over by the Government. Some people are against nationalization.
They say that by nationalization, the Government takes away the right of the citizens to do any business which they think themselves to be capable of. This is against the spirit of democracy.
But it is not so. Nationalization ad democracy can go hand-in-hand. They are not opposed to each other.
Nationalization has become the economic creed of modern times. Its advantages are many. First, private ownership of big industries and business concerns gives rise to two classes.
On the one side, there re big capitalists who own, manage and control the firms and the mills. On the other, are the poor laborers. The capitalists become richer while the poor laborers grow poorer. The distribution of wealth becomes uniform and just.
Secondly, under private ownership competition is very keen.
Thus, big and powerful capitalists try to crush their small rivals. This is against national interest. Nationalization curbs unhealthy competition and checks corruption. There are certain basic industries which must not be left in the hands of private persons.
They must be run by the Government. Production of arms and ammunition, atomic energy, public utility services like railways, electricity, oil and natural gas, waterworks and aviation, etc. In such production works, the service of the public is the main motive and not the earning of profits.Peru's climate and different geographical zones make it an important agricultural nation.
Of the domesticated plants Peru has provided the world, the potato is . Disclaimer: This work has been submitted by a student. This is not an example of the work written by our professional academic writers.
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Privatization means that a public service is taken over by a for-profit business, whose highest goal is profit. Investors expect a profit when a business moves into a new venture. The new corporation operating the hospital or the prison or the fire department cuts costs by every means to increase.
Prison privatization is an emerging trend and there is not a great deal of long-term data on its’ effectiveness. Some early data has shown modest savings for states using privatization. The data is limited in scope, not always independent in nature, and far from being long-term.
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