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Public Sector

  • Date Submitted: 03/26/2011 11:52 AM
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Chapter One
 
INTRODUTION
This termpaper looks at Development in the Public Sector. Public Sector is also known as the Government Sector of an economy. Efforts are made to explain the Public sector and its development in Nigeria. The development of this sector startng from 1987-2008.

Public sectors, were created in both developed and developing countries to address market deficits & capital short-falls, promote economic development, reduce mass unemployment and/or ensure national control over the overall direction of the economy, especially in developing countries. By providing capital and technology to strategic areas where the private sector either shied away from or lacked the capacity to invest (such as heavy industries, infrastructure etc), most governments resorted to Public Enterprises to increase capital formation, produce essential goods at lower costs, create employment and generally contribute to the economic development.

The role and scope of the public sector and state sector are often the biggest distinction regarding the economic positions of socialist, liberal and libertarian political philosophy. In general, socialists favor a large state sector consisting of state projects and enterprises, at least in the commanding sectors or fundamental sectors of the economy (although some socialists favor a large cooperative sector instead). Social democrats tend to favor a medium-sized public sector that is limited to the provision of universal programs and public services. Economic libertarians and minarchists favor a small public sector with the state being relegated to protecting property rights, creating and enforcing laws and settling disputes, a "night watchman state".

                                                  Chapter Two
DEFINATION OF TERMS

Development:
Economic development refers to a sustainable increase in living standards. It implies increased per capita income, better education and health as well as environmental...

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