ENTREPRENEURIAL ROLE
The growing importance of the entrepreneurial or participative role of the state has been evident from the fast expansion of the public sector in most developing countries. However in post-1990s there has been a significant reversal in this policy as governments having experienced inefficient functioning of public sector industries and the huge losses incurred by them which are made good by budgetary allocations affecting tax-payers, have given up their policy of promoting them.
Public ownership in free societies and their growth in recent times are justified for the following reasons:
- In a democracy, the national emergency of war inevitably causes an expansion of state activities, including public ownership, because modern ...
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