State Ownership Forms of Business. Overview  What is meant by state ownership?  How are state companies formed?  How are they controlled?  Why does.

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Presentation transcript:

State Ownership Forms of Business

Overview  What is meant by state ownership?  How are state companies formed?  How are they controlled?  Why does the state get involved in business?  List two advantages and two disadvantages of state ownership  List five examples of state-owned companies

What is a state company?  It is a business owned, financed and controlled by the Government (state)  Many state companies were set up by passing an Act of the Oireachtas  Each state company is responsible to a government minister  The minister appoints a board of directors to run the company  The profit is either reinvested in the company or given to the state (current income)

Reasons for State Involvement in Business  To provide essential services  To develop the country’s natural resources  To rescue businesses in danger of closing down  To promote Irish businesses at home and abroad  To provide training for the unemployed, e.g. FÁS

Advantages of State Ownership  They provide a lot of essential services, e.g.  They provide lots of employment

Disadvantages of State Ownership  Some state businesses suffer large losses which are borne by the tax payer  No profit motive which can lead to inefficiency  Some are in a monopoly situation, which can lead to inefficiency

Examples of State Ownership

Summary  What is meant by state ownership?  How are state companies formed?  How are they controlled?  Why does the state get involved in business?  List two advantages and two disadvantages of state ownership  List five examples of state-owned companies