ECONOMISTS HAVE generally held the view that private ownership of the means of production would be better in terms of economic efficiency than public ownership and public management.
Public ownership owed its origin to the phenomenon of widespread marked failure in industries in which competition is impossible or undesirable, or where major externalities exist. Following the Second World War, the British Labour Government launched widespread social reform programme, namely, free health scheme under the National Health Service, universal unemployment insurance and free education and also proceeded with nationalisation of core industries such as coal mines, iron and steel, electricity and gas, ports and shipbuilding.
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Source: The Hindu