A Quote by Ha-Joon Chang
All the alleged key causes of SOE [State-Owned Enterprise] inefficiency - the principal-agent problem, the free-rider problem and the soft budget constraint - are, while real, not unique to state-owned enterprises. Large private-sector firms with dispersed ownership also suffer from the principal-agent problem and the free-rider problem. So, in these two areas, forms of ownership do matter, but the critical divide is not between state and private ownership - it is between concentrated and dispersed ownerships.
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Privatization of the state-owned economy is not yet on the agenda. We cannot do it immediately; my colleagues would not agree to it. But we must put all forms of ownership on an equal footing immediately and let different types of ownership compete with the state firms.
State ownership! It leads only to absurd and monstrous conclusions; state ownership means state monopoly, concentrated in the hands of one party and its adherents, and that state brings only ruin and bankruptcy to all.
The one important distinction between the two factors of production is that in a free society, ownership of the human factor, labor, cannot be concentrated while ownership of the non-human factor, capital, can be.
The term "state socialism" is not precise. Under this term many understand an order under which a certain part of the wealth, sometimes a quite considerable part, passes into state ownership or under its control while in the great majority of cases the ownership of plants, factories, and land, remains in private hands.
Uganda's budget is 40 percent aid-dependent. Ghana's budget is 50 percent aid-dependent. Even if you cancel the debt, you don't eliminate that aid dependency. This is what I mean by getting to the fundamental root causes of the problem. Government, the state sectors in many African countries need to be slashed so that, you know, you put a greater deal of reliance on the private sector. The private sector is the engine of growth. Africa's economy needs to grow but they're not growing.
State ownership of flood control efforts will not completely eliminate the problem but can substantially reduce it.
The widespread distribution of private property ownership is the cornerstone of American liberty. Without it neither our free enterprise system nor our republican form of government could long endure.... The next Republican Administration will...not only protect the cherished human right of property ownership, but will also work to help millions of Americans - particularly those from disadvantaged groups - to share in the ownership of the wealth of their nation.
We hold that the ownership of private property is the right and privilege of every American citizen and is one of the foundation stones upon which this nation and its free enterprise system has been built and has prospered. We feel that private property rights and human rights are inseparable and indivisible. Only in those nations that guarantee the right of ownership of private property as basic and sacred under their law is there any recognition of human rights.
From the viewpoint of economic democracy, the capitalism-socialism debate was a debate between private and state capitalism (i.e., the private or public employment system), and the debate was as misframed as would be a debate between the private or public ownership of slaves.
We've been following many forms of democratized ownership, starting with co-ops, land banks at the neighborhood level, municipal ownership and state ownership of banks - there's a whole series of these that attempt to fill the small-scale infrastructure that can build up to a larger theoretical vision.
Worker ownership within a state capitalist, semi-market system is better than private ownership but it has inherent problems. Markets have well-known inherent inefficiencies. They're very destructive.
Clipper took a relatively simple problem, encryption between two phones, and turned it into a much more complex problem, encryption between two phones but that can be decrypted by the government under certain conditions and, by making the problem that complicated, that made it very easy for subtle flaws to slip by unnoticed. I think it demonstrated that this problem is not just a tough public policy problem, but it's also a tough technical problem.
We're in the west, and we have a rich history of gun ownership and hunting, but people here across the state understand the difference between public safety and personal ownership and that we can have both if we protect the second amendment.
I believe the way I describe the problems in Chicago is that it's a metropolitan area. I've said that everywhere. The uneducated child is not just my problem, it's the state's problem. It's also the federal government's problem.
The paramount problem... is how to make this new form of property ownership a workable agent toward repeopleizing the proprietorship of the country's industries. Open to the wage-earner of the country the road to proprietorship... not as a gratuity, but as their proper allotment out of the combined forces that have made the enterprise successful.
But it is a worry that there have been so many delays in the reform of China's state-owned enterprises. We all know that private companies are run more efficiently than state ones. These reforms are very much anticipated for the potential dynamism they could create.
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