Role of Public Enterprise in Underdeveloped Countries

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Role of Public Enterprise in Underdeveloped Countries In under-developed countries, public enterprises are badly needed to initiate and accelerate the developmental process. They can promote economic development in the following ways. (i) By Creating Social and Economic Overheads. Only State can provide educational facilities and technical training, medical aid and public health measures and develop irrigation and means of transport -all which is […]

Demerits

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Demerits But economists are generally agreed that governmental machinery. in the matter of running a business. compares very unfavorably with private management. The government manager’s tenure is fixed. He gets a fixed annual increment. and will get promotion according to seniority . He cannot, therefore. be expected to show the same degree of initiative or hard. work as the manager of a private company. The latter may receive notice to quit […]

STATE ENTERPRISE

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STATE ENTERPRISE In every country. there are many public undertakings run by Central or State Governments or local bodies. Postal and telegraph arrangements are generally under the Central Government: and public utility services like water supply. gas. electric supply or tram or bus services are managed by municipal corporations. The organisation of State enterprise is on the same lines as private enterprise […]

Conclusion

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Conclusion In spite of these shortcomings, it must be said that, in the absence of the joint – stock principle. industrial development and efficient exploitation of the natural resources of a country would not have been possible. It has proved to be a powerful and an efficient engine of economic growth. CO-OPERATIVE ENTERPRISE As distinguished from the ordinary capitalist enterprise. there is the co-operative enterprise. The workers are […]

Demerits

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Demerits But there is the other side too. (i) The management is democratic only in theory: it is actually oligarchical. The directors are practically self – appointed, and they remain there as long as they choose. For practical purposes, the share – holders have little voice. (ii) Some of the directors may be unscrupulous and exploit the unwary investor. They […]

JOINT STOCK COMPANY

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JOINT STOCK COMPANY The joint -stock company is undoubtedly the most important type of business organisation today. It seeks to remedy the disabilities and the handicaps of the partnership arising out of small financial resources and limited business talent. Merits There are several advantages which can be claimed for this form of organisation: (i) The company business is generally a […]

PARTNERSHIP

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PARTNERSHIP Limitations of the one-man business give rise to another form of business organisation,  partnership. Two, three or more people combine, contribute capital, and agree to Share profits and bear losses in agreed proportions Advantages This form of organisation offers several advantages over the one-man business (j) It commands larger resources. tii) It is possible to establish wider personal contacts. (iii) […]

INDIVIDUAL ENTREPRENEUR

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INDIVIDUAL ENTREPRENEUR The organizer of the one-man concern invests his own capital and may also borrow .some. He rents a shop and hires the service of an assistant, if necessary. He himself makes purchases and personally attends to the sales. He is his own manager. He initiates. organisms, directs all economic activity and takes the entire risks. Thus, […]