Public and Private Ownership. Ownership Within a mixed economy: private and public ownership exists. Within a mixed economy: private and public ownership.

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Presentation transcript:

Public and Private Ownership

Ownership Within a mixed economy: private and public ownership exists. Within a mixed economy: private and public ownership exists.

Public Sector Owned / controlled by central / local government. Mainly funded through taxes. Essential services for good of whole community. Profit not usually a major objective. Other Objectives can be: Save jobs Keep prices low

This Provides the following services: Public Sector Central Government Health Education, Transport Defence

Public Sector Local Government Law, order Environmental services Transport, Communication Local Authorities provides such as:

Privatisation The selling of state owned assets to the private sector, transferring nationalised industries back into private ownership. Policy pursued in recent years in China although many firms still partly owned by Government.

Privatisation Examples of nationalised industries in UK were (dates show year of privatisation): British Telecom (1984) British Gas (1988) British Airways (1987) British Steel (1988) British Telecom (1984) British Gas (1988) British Airways (1987) British Steel (1988) Water Boards (1989) Electricity Boards (90) British Coal (1994) Railtrack (1996). Water Boards (1989) Electricity Boards (90) British Coal (1994) Railtrack (1996). Now find out anything you can on privatisations that have occurred in China (Group work 15 minutes activity.

China’s Privatisation Nuclear power is still a nationalised industry (Why am I happy about this?) China’s telecom industry has been partially privatised. Most banks in China are still state owned. Petro China (oil exploration ) is a nationalised industy still

Real estate, retailing, textiles-lots of privatisation. Manufacturing- lots of privatisation Most transport providers are still state owned- Shanghai metro Buses have been privatised mainly Government has gained huge revenue from privatisation. Why are some sectors privatised whilst others are still state owned?

Against In Favour  Increased competition – better services, prices.  Greater efficiency – firms strive for maximum profits. General Points Privatisation

In Favour  Revenue for government from sale of assets. General Points Privatisation

Against  Redundancies as firms strive for maximum profit- so reduce number of workers.  Unprofitable but necessary services not provided (rural bus services may not be profitable). General Points Privatisation

Against Privatisation General Points  Safety and quality compromised due to competitive pressures.  Regulation may still be required to protect public interest.  Now turn this around- what are the benefits of state owned nationalised industries? make a list

Private Sector Private sector organisations owned, controlled by private individuals eg Sole traders, partnerships, limited companies. –Remember Public Limited companies are in the private sector! Private sector organisations owned, controlled by private individuals eg Sole traders, partnerships, limited companies. –Remember Public Limited companies are in the private sector!