Posted on by Judy

Historically, government power was balanced by private industry in order to protect the public. With the advent of technological advances and centralization, private enterprise now rivals government power in many industries. How has this potential threat to the public been addressed by a changed government role?

Earlier, government used to be the sole incharge of public sector firms, educational institutions, welfare policies and job opportunities etc. thus holding complete power against the public. With privatisation, firms have started offering products and services in competition with governement in quality, price and variety. Firms also employed public thus creating more jobs. But, increased dependence of public on private firms is resulting in monopolistic, unregulated and capitalistic practices of the private firms.
To address this potential threat to the public, government which still possesses the administrative and bureaucratic power, changed its role to be a more watchdog and regulate the way the firms do business by setting certain regulations which the firms need to follow failure of which might result in penalties to the range of seizure of the firms, thus ensuring the firms will not go beyond what is ethical and right for the public.
 
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