This essay discusses public and private sector interdependencies. Technological changes have been impacting everything including the society and the economy, and today public sector is only feasible if it the public sector is willing to work with the private sector.
Technological changes have been impacting everything including the society and the economy, and today public sector is only feasible if it the public sector is willing to work with the private sector. The public sector cannot work in isolation and in this emerging scenario, the public sector even if it is dominant, as in the case of China, has to from partnerships and this plays a vital role in reforming the public enterprise. In addition the participation of all parts of the society is becoming vital. As the demands from the public is increasing the financial limitations of the public sector is also facing limitations. The public sector cannot exist in isolation; it has to interact with the private sector to become a successful and contributing part of the economy. Therefore rather than taking all the responsibility the state starts sharing responsibility with the private sector and the society as a whole. Through this interaction the public sector is able to create an economic dynamism and social change which is necessary for the society.
The importance of interdependency is necessary. The public sector determines how the economy would develop at the national level to create an environment which is conducive to the development on regulations, security and infrastructure, for example institutions like SEC and FDA. These bodies ensure that the private sector is regulated and the private enterprises follow the rules and guidelines provided by these agencies. Thus public sector acts as a sponsor of development and social and economic well-being. The private sector comprises of both small and large business concerns in the formal and informal sectors and works to maximize its profits. It contributes both financially and socially to the economy. However it is also dependent on the public sector as the public sector acts as a facilitator for the private sector.
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