Public Ownership in the U.S. Economy

Paper Summary:

This paper begins with a general definition of privatization and then takes a look at the various types of privatization and formulas for implementing the privatization of government operations. The paper also evaluates the advantages and disadvantages of the types and methods for privatization and takes a look at the most hotly debated privatization issues. The paper concludes that privatization is beneficial to the economy and lists which types of privatization are the most effective.

From the Paper:

"The major flaw in the competition prescription is that government has been following the theory for many years, with little success and much failure. Every major policy initiative launched by the Federal government since WWII has been managed through public-private partnerships. This includes programs such as Medicare and Medicaid, environmental cleanup, antipoverty programs, job training programs and interstate highways. Rather than solving government problems and making things more efficient, the resulting problems have fueled the current debate over privatization and given government critics fuel for their arguments. Privatization in the last three decades has resulted in waste, fraud and abuse in government programs, and the government's private partners have often been involved in greed, corruption and criminal activity. At the same time, government has had weak management for detecting and correcting these problems."

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