| Economic sectors |
| Three-sector hypothesis |
|---|
| Colin Clark |
| Jean Fourastié |
| Primary sector (raw materials) |
| Secondary sector (manufacturing) |
| Tertiary sector (services) |
| Others suggested |
| Quaternary sector |
| Quinary sector |
| By ownership |
| Public sector |
| Private sector |
| Voluntary sector |
The public sector is the part of economic and administrative life that deals with the delivery of goods and services by and for the government, whether national, regional or local/municipal. The Economy may be classified into subdivisions called sectors (also called Industries) in several ways The three-sector hypothesis is an economic theory which divides economies into three sectors of activity extraction of raw materials ( primary) manufacturing ( Colin Grant Clark ( November 2, 1905 - September 4, 1989) was a British Economist and Statistician who worked Jean Fourastié ( April 15, 1907, in Saint-Benin-d'Azy, France - July 25, 1990, in Douelle, France In Economics, the private sector is that part of the economy which is both run for private Profit and is not controlled by the State. The voluntary sector (also non-profit sector) is the sphere of social activity undertaken by Organizations that are non-profit and non-governmental For the government of parliamentary systems see Executive (government. A township (or Municipality) is a settlement which has the status and powers of a unit of local government
Examples of public sector activity range from delivering social security, administering urban planning and organizing national defenses. Social security primarily refers to a Social insurance program providing social protection or protection against socially recognized conditions including poverty old Defence
The organization of the public sector (public ownership) can take several forms, including:
- Direct administration funded through taxation; the delivering organization generally has no specific requirement to meet commercial success criteria, and production decisions are determined by government. Public ownership (also called government ownership, state ownership or state property) refers to Government Ownership of any Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer
- Publicly owned corporations (in some contexts, especially manufacturing, "state-owned enterprises"); which differ from direct administration in that they have greater commercial freedoms and are expected to operate according to commercial criteria, and production decisions are not generally taken by government (although goals may be set for them by government). Corporatization is a more precise term for what often is called Privatization, for it almost always refers to a process by which formerly public assets or functions are sold A government-owned corporation, state-owned enterprise or government business enterprise is a legal entity created by a Government to undertake commercial
- Partial outsourcing (of the scale many businesses do, e. Outsourcing is Subcontracting a process such as product design or Manufacturing, to a Third-party company g. for IT services), is considered a public sector model.
A borderline form is
- Complete outsourcing or contracting out, with a privately owned corporation delivering the entire service on behalf of government. Outsourcing is Subcontracting a process such as product design or Manufacturing, to a Third-party company This may be considered a mixture of private sector operations with public ownership of assets, although in some forms the private sector's control and/or risk is so great that the service may no longer be considered part of the public sector. (See Britain's Private Finance Initiative. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The Private Finance Initiative specifies a method developed initially by the United Kingdom Government, to provide financial support for " Public-Private )
In spite of their name, public companies are not part of the public sector; they are a particular kind of private sector company that can offer their shares for sale to the general public. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc In Economics, the private sector is that part of the economy which is both run for private Profit and is not controlled by the State.
The decision about what are proper matters for the public sector as opposed to the private sector is probably the single most important dividing line among socialist, liberal, conservative, and libertarian political philosophy, with (broadly) socialists preferring greater state involvement, libertarians favoring minimal state involvement, and conservatives and liberals favoring state involvement in some aspects of the society but not others. Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution Conservatism is a term used to describe political philosophies that favour Tradition, where tradition refers to various religious cultural or nationally defined Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the
See also
References
- Lloyd G. A government agency is a permanent or semi-permanent organization in the Machinery of government that is responsible for the oversight and administration of specific functions The voluntary sector (also non-profit sector) is the sphere of social activity undertaken by Organizations that are non-profit and non-governmental In Economics, the private sector is that part of the economy which is both run for private Profit and is not controlled by the State. Nigro, Decision Making in the Public Sector (1984), Marcel Dekker Inc .
- David G. Carnevale, Organizational Development in the Public Sector (2002), Westview Pr.
- Jan-Erik Lane, The Public Sector: Concepts, Models and Approaches (1995), Sage Pubns.
- A Primer on Public-Private Partnerships http://blog-pfm.imf.org/pfmblog/2008/02/a-primer-on-pub.html#more
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