This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: in government-owned firms. Disadvantages include higher levels of unemployment, slower economic development, less innovation, rising costs, defective products, and higher levels of waste. This is because the people with secure jobs in government businesses have less incentive to advance productivity, quality, or waste management in production. The slow economic growth has caused many countries with mixed economies to switch over to a market-based system or at least privatize portions of the government owned economic resources to become more competitive and increase efficiency....
View Full Document
This note was uploaded on 04/14/2008 for the course IBUS 330 taught by Professor Nicholson during the Fall '07 term at S.F. State.
- Fall '07