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The Merits of Privatization - Research Paper Example

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Due to the ongoing financial crises, European debt crises and high deficits many economists and financial gurus believe that privatization is the only way out. Though privatization has benefitted consumers numerously, the government too should not shy away from responsibility…
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The Merits of Privatization
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The Merits of Privatization

Download file to see previous pages... tes, transcontinental railroad constructed by public and private partnerships during the nineteenth century is one of the earliest examples of privatization in the US. The transcontinental public private partnership is always cited as an example by the people who support privatization. Privatization not only brings efficiency but it also helps in curtailing costs and reduces bureaucracy. (Loulakis, 2003)
The recent financial downturn and government bailouts have severely affected the American economy. With the government deficits and costs of borrowing increasing day by day, many leading economists have advocated privatization of government functions which would bring budgetary discipline and would reduce government’s financial burden.
Though the consumers are greatly benefited by the reduction in the costs of goods and services due to privatization, the only point which may negatively affect the citizens is accountability. Citizens do not have any control over private companies and cannot punish them, like they can punish the government by not voting for them in state or central elections.
Another point of concern with privatization is that private firms operate with only one motive that is profitability, which is secondary in government owned and operated firms. Though, privatization has greatly improved product quality and cost, there are certain services which should not be privatized. Sectors like defense, law enforcement, education and basic healthcare should always be under State control.
The future of the country depends a lot on the above mentioned sectors and therefore, the motive of cost cutting, profitability and competition should not come into consideration. However, certain functions like sourcing of certain products can be outsourced.
Another reason why these sectors should be under State control is because in case of any adverse events the government must have the capacity and the control to handle the situation quickly and ...Download file to see next pagesRead More
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