Sample Term Paper
This term paper is on interaction among public and private sectors. In the past governments usually believed that they and the public sector under their supervision was the driving force of the economy and the society.
In the past governments usually believed that they and the public sector under their supervision was the driving force of the economy and the society. This belief was prevalent during much of the 1950s and 1960s and part of 1970s. This was the time when the public enterprise and the public sector expanded as it was considered that this would allow the government to make a difference by organizing planning at national levels and also allow the governments to control the economy. It was believed that this would lead to economic growth and the economy would be able to achieve both political and social objectives. This has changed drastically since in 70s when liberal capitalistic policies led to more open markets and a more dominant role of the private enterprise. These new policies have been backed by export oriented policies and an interdependent relationship between the state and the private sectors.
When the case of United States and China are compared, it becomes obvious that the American society is a capitalist mixed society. A major part of the economy comprises of the private sector, while public sector contributes only 12.4% of the GDP (BEA, 2007). China has reformed from a soviet styled centrally planned, closed economy to a market oriented economy. Even today a large chunk of the Chinese economy is made up of State Owned Enterprises. It accounts for 43% of China’s gross value of industrial output. This is much lower from 1978 when it was 78% of the economic output before the reforms. (Broadman, 1995)
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