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Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. [4] As a legal concept, private property is defined and enforced by a country's political system .
The following list uses the structure and terminology of the document Status and structures of postal entities in the UPU member countries. This document, published in 2009 by the Universal Postal Union (UPU), contains data for 162 of the 191 countries and territories that were then UPU members. For these countries, which are marked below, the ...
The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money, i.e. operate by capitalist standards. A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 percent of jobs in developing countries are in the private sector. [1]
In economic theory, privatization has been studied in the field of contract theory. When contracts are complete, institutions such as (private or public) property are difficult to explain, since every desired incentive structure can be achieved with sufficiently complex contractual arrangements, regardless of the institutional structure.
Private ownership of productive assets differs from state ownership or collective ownership (as in worker-owned companies). This usage is often found in former Eastern Bloc countries to differentiate from former state-owned enterprises, [citation needed] but it may be used anywhere in contrast to a state-owned or a collectively owned company.
The rise of the People's Republic of China under Mao Zedong nationalized all private assets, restricted private ownership, even of land, and the state determined output and price levels. Some of these were reversed after Deng Xiaoping loosed restrictions in 1978, allowing private and foreign investment to enter the country.
A private limited company is required to use the words "(Private) Limited" as the last words of its name. Company Limited By Guarantee Means a company having the liability of its members limited by memorandum to such amounts as the members may respectively undertake to contribute to the capital of the company in the event of its winding up.
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation.SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce.