Premium Essay

Private vs Public Ownership

In: Social Issues

Submitted By Jiezy
Words 945
Pages 4
Throughout the article Ziff presents a dichotomy between the individual and the society. Ziff states property as being “relationships among people with regard to things.” Prior to the development of legal systems ownership did not exist and people were not restricted from using resources. As society and legal systems developed so too has the idea of ownership over a material object as a right to be exercised and enforced against others in the society. Whilst arguably both a common and private ownership would be an adequate way to mediate the use of resources in a society, many of the justifications for private ownership yield a weakness that is reflected in the benefits to the society versus the individual.

Typically the justifications for private ownership also rely on the same arguments between two central forms of ownership models being Marxism and Capitalism. Ziff even acknowledges in this article that each justification is based on the conviction that “private ownership [Capitalism] is western culture’s noblest triumph,” and subsequently fails to highlight how a common ownership system could be superior, rather than which has more weight. Many are of this contrary view that Capitalism and therefore private ownership is “not sustainable forever in a world of finite resources,” which is evidence of a large weakness in many of the justifications presented by Ziff.

One of the key arguments made to support a capitalist society and in turn private property is that of economic efficiency – the basic idea that a market economy, where people have a transferable right over material objects will allocate resources efficiently to those who demand it the most. Whilst in a purely allocative sense this provides a large benefit to society, it is also an unbalanced one. Where society allocates private ownership there will be “abject poverty at one end of the wealth...

Similar Documents

Free Essay

Term

...C211 COHORT GLOBAL ECONOMICS FOR MANAGERS Wade C. Roberts, Ph.D. Peng Chapter 2 Understanding Formal Institutions: Politics, Laws, and Economics Wade C. Roberts, Ph.D. Education: Economics Doctorate, University of Utah Expert Fields: Development, Labor, Public, Health, Gender, Forensic Economics Current Research: Microfinance, Poverty & Socioeconomics in Cambodia “The Success and failure of firms around the globe are determined by firms’ ability to understand and take advantage of the different rules of the game”. Understanding Institutions… • What is an institution? • “The humanly devised constraints that structure human interaction” • Douglass North (Nobel Laureate) Understanding Institutions… • Institutional Framework • Formal and informal institutions governing individual/firm behavior. • Supported by three pillars: • Regulatory • Normative • Cognitive Understanding Institutions… • Regulatory Pillar (formal) • Coercive power of governments • Laws, regulations, rules • Normative Pillar (informal) • The values, beliefs and actions of a group (emotions) • Cognitive Pillar (informal) • Internalized values and beliefs that guide behavior • Culture & Ethics (logic) • How do these pillars shape behavior? Understanding Institutions… • What is the KEY ROLE of an institution? • Reduce Uncertainty! • Institutions constrain the range of acceptable actions. • Uncertainty surrounding......

Words: 1425 - Pages: 6

Free Essay

Types of Economic Systems.

...Types of Economic Systems. Socialism Socialist economic systems (all of which feature common ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems. Additionally, socialism can be divided based on the ownership of the means of production into those that are based on public ownership, worker or consumer cooperatives and common ownership (i.e., non-ownership). Communism is a hypothetical stage of Socialist development articulated by Marx as "second stage Socialism" in Critique of the Gotha Program, whereby economic output is distributed based on need and not simply on the basis of labor contribution. The primary concern for socialist planned economies is to coordinate production to directly perceived satisfy human needs/economic demand (as opposed to generate profit and satisfy needs as a byproduct of pursuing profit), to advance the productive forces of the economy while being immune to the perceived systemic inefficiencies (cyclical processes) and crisis of overproduction so that production would be subject to the needs of society as opposed to being ordered around "capital accumulation".[7][8] Capitalism Capitalism generally features the private ownership of the means of production (capital), and a market economy for coordination. Corporate capitalism refers to a capitalist marketplace characterized by the dominance of hierarchical, bureaucratic......

Words: 379 - Pages: 2

Premium Essay

Campbell Ewald

...Capitalism. · Capitalism vs Socialism. · Capitalism vs Communism. · Types Of Capitalism. · Advantages Of Capitalism. · Disadvantages Of Capitalism. · Criticism On Capitalism. CAPITALISM An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth. It is easy to forget that capitalism was coined not so long ago, in the mid-19th century, when the Industrial Revolution was in full swing, and individual entrepreneurs were creating new industries and amassing wealth. Terms for the other two major competing economic systems of the past two centuries— socialism and communism—were also coined around the same time. Also, about the same time it became common to designate all such coinages as “isms”: terms formed by adding the suffix -ism to a root word in order to expand its meaning to encompass a related system, theory, or practice. Thus from a fairly old word, capital, the relatively newer word, capitalism, was formed to describe the then emerging economies of the West. On the surface, the meaning of capitalism seems straightforward, referring to an economic system in which private individuals, rather than governments, own property and businesses. But beneath the surface, strong currents of opinion and theory swirl about the term. Capitalism vs......

Words: 2595 - Pages: 11

Premium Essay

Social Theories

... | |Philosophy |From each according to his ability, to each according to |From each according to his ability, to each according to| | |his needs. Free-access to the articles of consumption is |his contribution. Emphasis on profit being distributed | | |made possible by advances in technology that allow for |among the society or workforce to complement individual | | |super-abundance. |wages/salaries. | |Economic System |The means of production are held in common, negating the |The means of production are owned by public enterprises | | |concept of ownership in capital goods. Production is |or cooperatives, and individuals are compensated based | | |organized to provide for human needs directly without any |on the principle of individual contribution. Production | | |use for money. Communism is predicated upon a condition of|may variously be coordinated through either economic | |...

Words: 3092 - Pages: 13

Free Essay

Snapshot

...Let’s Take this Private: Linens’n Things versus Bed Bath & Beyond 1. Assume that you are Robert DiNicola, CEO of Linen’n things, what specific competitive strategy and implementation plan would you take to turn around LNT? * improve supply chain, lower their cost * Improve online store, online shopping * Differentiation strategy * Globalization. They can seek international partner to expand their business * Learning the successful experiences from Bed Bath & Beyond 2. Will DiNicola’s effort to turn around LNT be aided or hindered by changing economic and industry conditions (show your macro environment and industry analysis? Be aided * Industry consolidation. Business environment becomes less favorable. It’s good for LNT to turn around based on the big scope and the existed structure. * Integrate internet. It’s good for LNT to build the online store * Globalization of the fashion. It’s good for LNT because of their differentiated products. Be hindered: * Slow increasing rate with intensely competition. The maturity of the U.S. market. * Industry consolidation makes the large companies stronger, but LNT fall behind some big companies like BBBY. So it’s hard to catch up. * Financial crisis. * Government policies affect the industry performance. e.g. interest rate adjustment. High interest rate, low purchase. 3. How had Bed Bath & Beyond come to surpass Linens’n Thins over time despite its......

Words: 453 - Pages: 2

Premium Essay

Privatization and the Question of Social Justice in Nigeria

...labour party came to power in the United Kingdom. This trend continued after independence such that by 1999, it was estimated that successive Nigeria Governments have invested up to 800 billion Naira in public owned enterprises (Obasanjo, 1999). THE CONCEPT OF PRIVATIZATION Although the concept of privatization is an is an emotive, ideological and controversial one evoking sharp political reactions, its political origins, meaning and objectives are not ambiguous. Iheme (1997).defines privatizations as: …any of a variety of measurers adopted by government to expose a public enterprise to competition or to bring in private ownership or control or management into a public enterprise and accordingly to reduce the usual weight of public ownership or control or management. However, in a strict sense, privatization means the transfer of the ownership (and all the incidence of ownership, including management) of a public enterprise to private investors. The later meaning has the advantage of helping one to draw a line between privatization and other varieties of public enterprise reform. It is also the sense in which the term has been statutorily defined in Nigeria. In a similar vein, Starr (1998) defines privatization as a shift from the public to the private sector, not...

Words: 3653 - Pages: 15

Premium Essay

Issues in Corporate Govarnance in Bangladesh

...every stakeholder - the company's customers, employees, investors, vendors-partners, the government of the land and the community (Murthy, 2006). GCG is a must for ensuring the required values to different stakeholder groups. It enhances the performance of corporations, by creating an environment that motivates managers to maximize returns on investment, enhance operational efficiency and ensure long-term productivity growth. Consequently, such corporations attract the best talent on a global basis. It also ensures the conformance of corporations with the interests of investors and society, by creating fairness, transparency and accountability in business activities among employees, management and the board (Oman, 2001). Again, GCG increase public confidence in a corporation, and lowers the cost of capital for investment. According to a McKinsey study (2002), over 60% of investors cite Good Governance practices in a corporation as a key factor in their investment decisions. Today, GG becomes a slogan and a pride. Here, we can uses accounting as a mean for establishing and retaining corporate governance. Accounting is a process of compiling information for reporting the internal affairs of any entity to different stakeholders at the end of a certain interval. It is defined as the language of business and can play a vital role for ensuring and continuing with GCG. as a discipline, accounting practice is highly controlled by accounting standards in a global set up. As......

Words: 4439 - Pages: 18

Premium Essay

Project Financing

...telecommunications and water. Transport works such as roads, bridges, urban transit systems, seaports and airports which are central in promoting economic activities in the country. Good infrastructure helps by providing economic services efficiently, promoting economic competitiveness and supports high productivity. Poor infrastructure on the other hand impedes economic growth and can be seriously detrimental to the efficient use of scarce resources. The role of infrastructure in the economy, the essential nature of its services, the size of individual projects, and its important social dimensions call for a governmental role in planning and promoting, and ensuring independent regulations that provide a level playing field for both public and private sector enterprises. When projects are operational, the role of...

Words: 1178 - Pages: 5

Free Essay

Global Marketing

...changes in political environment that may adversely affect the value of a firms’ business activities. It could be divided into: 1. Ownership Risk through confiscation and expropriation. 2. Operating risk where operations of a firm and safety of its employees are threatened through changes in law, environmental standard, tax codes, terrorism and others. 3. Transfer risk in which government interferes with a firms ability to shift funds into and out of the country. Economic Environment and International Business  Economic System is the way a society decides to use and distribute its resources. 1. Who can own property in this system? 2. Who controls and distributes the resources in this system? 2 10/27/2015 Types of Economic Systems 1. Market Economy In pure market economy, all productive activities are privately owned , as opposed to being owned by the state. Price and production are determined by the interaction of demand and supply. 2. Command Economy or Planned Economy In pure command economy, all productive activities are state owned , as opposed to being owned by the individual. In pure command economy, the government plans the goods and services that a country produces, the quantity, and prices at which they are sold. 3. Mixed Economy Capitalism/Free Enterprise/Free Market  Private Ownership  Profit Motive  Competition 3 10/27/2015 Legal Environment and International Business Legal Environment A legal......

Words: 660 - Pages: 3

Premium Essay

Green Vehicle

...opportunities in greener vehicles and alternative mobility. The shooting upward trend of price of fuel, pollution and purchasing power of the people the Indian automobile industry look to create a segment of consumer that has demand for the “GREEN VEHICLES” that are more fuel efficient, less CO2 emission and low operating cost or can run on alternate fuel. KEYWORDS: Green vehicles, Alternate fuel, Hybrid cars, Eco-friendly, CNG/LPG vehicles, E-mobility INTRODUCTION Demographically and economically, India’s automotive industry is well-positioned for growth, servicing both domestic demand and, increasingly, export opportunities. A predicted increase in India’s working-age population is likely to help stimulate the burgeoning market for private vehicles. Rising prosperity, easier access to finance and increasing affordability is expected to see four-wheelers gaining volumes, although two wheelers will remain the primary choice for the majority of purchasers, buoyed by greater appetite from rural areas, the youth market and women. Domestically, some consolidation or alliances might be expected, driven by the need for access to better technology, manufacturing facilities, service and distribution networks. The components sector is in a strong position to cash-in on India’s...

Words: 3976 - Pages: 16

Premium Essay

Business Law

...questions need to be determined? Decision: What is the ruling? Ratio decidendi: What are the reasons for the decision? What laws are applied? This can be applied to future cases (and exams). Law vs. Ethics Ethics are voluntary rules of behaviour; Designed to create conditions allowing people to live a good life; Laws are coercive rules on conduct; Imposed on society through the social contract; Origin of ethics Jeremy Benthem (18th century). Utilitarianism – political and social institutions (law) should be used to maximum utility. Maximize pleasure and minimize pain. John Stuart Mill (19th century). Actions are wrong if they produce unhappiness. Actions are right if they produce happiness. Contrast to Nicolo Macchiavelli; the end justify the means. Illegal but Ethical Marijuana is an illegal narcotic; Marijuana is no longer frowned upon; Legal but Unethical Abortion; - Ban on abortion overturned by the Supreme Court; No law on the books today; Abortion is only regulated by ethical considerations; Doctors may refuse abortions for religious or conscientious reasons; British Columbia may pass a law to forbid it; Article 6, CIVIL CODE A codification of the basic principle of ethics; We must act in good faith in our relationships: i.e. contracts; Strategic Lawsuits Against Public Participation (SLAPP lawsuit) Business Ethics How should managers and employees act in the business environment? Are ethics enough incentive? Business Ethics: Pros Expectations of......

Words: 9155 - Pages: 37

Free Essay

Renationalization of Ypf Under International Law

...THE RENATIONALIZATION OF YPF UNDER INTERNATIONAL LAW; A CASE STUDY Nina van Limburg Stirum Brouwersgracht 48-1, 1013GX Amsterdam 0621500446 Ninavls@hotmail.com 10127305 Bachelor essay supervisor: Jim Mathis Contents THE RENATIONALIZATION OF YPF UNDER INTERNATIONAL LAW; A CASE STUDY Introduction 3 Chapter 1: Expropriation and Nationalization in general 3 Chapter 2: Nationalization under international law 5 1: Public Purpose 6 2: Discrimination 7 3: Due Process 8 4: Compensation 9 Investment Treaties 9 Chapter 3: YPF; Yacimientos Petrolíferos Fiscales 13 Short history 13 April 2012 14 Chapter 4: Nationalization of YPF under international law 15 Access to the ICSID 17 Application of the law 18 Ad. 1: Public interest 18 Ad. 2: Discriminatory measures 19 Ad. 3:In accordance with the law (Due process) 20 Ad. 4: Adequate compensation 20 Conclusion 23 Bibliography 24 Introduction On the 16th April 2012 Argentine president Cristina Fernandez de Kirchner stated that her government was going to renationalize 51 per cent of the 58 per cent share of Yacimientos Petrolíferos Fiscales (YPF) owned by Repsol. YPF is the biggest Argentine oil company, since 1999 partly owned by the Spanish multinational Repsol. After months of negotiations the Argentine government accused Repsol of not investing sufficiently in YPF to maintain or recover reserves. Due to Repsol’s alleged neglect towards YPF the......

Words: 8411 - Pages: 34

Premium Essay

Social Class

...Surplus goods  Present:  Post • Information/Economy • Specialized Knowledge  Bio-Tech Society • Changing human biology/genome 9/24/14 Social Construction of Reality  Thomas Theorem- Definition of the situation  Perception are reality: People can occupy the same social space but perceive a different reality  Background Assumptions  Stereotypes: Cultural assumptions  Ethnomethodology  Emotional disrupting creativity Dramaturgy  Goffman- Life is a con game  Impression Management  One person’s attempt to control the perceptions of others  Front- Social acting  Backstage- Preparing Proxemics-Personal Space  Proxemic Bubble  4 Rings  Intimate Space  Personal Zone  Social Space  Public 9/26/14 Social Groups  Two or more people  Share like activities and common goals  Possesses the spirit of “WE”  In-Group (US):  Group to which you are a member  Out-Group (THEM):  People outside or opposed/in competition with your group Typology of Groups  Primary (Close Association)  Intimate  Long-lasting  Expressive- emotional connection  Secondary (Loose Association)  Super revival  Short-Duration  Instrumental- Task-oriented  Reference (Status Holder)  Ideals to be achieved  Warnings of poor behaviors 9/29/14 Organizations  Formal purpose  Formal member  Formal rules (code) “Ideal” Bureaucracy (Rationality and Reason: M. Weber):  Merit  Clear,......

Words: 1106 - Pages: 5

Premium Essay

Business

...(shares) to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately. More ambiguous terms for a privately held company are unquoted company and unlisted company. Though less visible than their publicly traded counterparts, private companies have major importance in the world's economy. In 2008, the 441 largest private companies in the United States accounted for US$1.8 trillion in revenues and employed 6.2 million people, according to Forbes. In 2005, using a substantially smaller pool size (22.7%) for comparison, the 339 companies on Forbes' survey of closely held U.S. businesses sold a trillion dollars' worth of goods and services (44%) and employed 4 million people. In 2004, the Forbes' count of privately held U.S. businesses with at least $1 billion in revenue was 305.[1] Cargill, Koch Industries, Bechtel, Publix, Pilot Corp., Deloitte Touche Tohmatsu (one of the members of the Big Four accounting firms), Hearst Corporation, Cox Enterprises, S. C. Johnson, and Mars are among the largest privately held companies in the United States. KPMG, the UK accounting firms Ernst & Young and PricewaterhouseCoopers, IKEA, Trafigura, J C Bamford Excavators (JCB), Lidl, Aldi, LEGO, Bosch, Rolex, Ferrero, Bertelsmann and Victorinox are some examples of Europe's largest privately held companies. State ownership vs. private ownership[edit] In the broadest sense, the term private corporation refers to......

Words: 1343 - Pages: 6

Premium Essay

Etwk

...Context of Business Economic Environment Factors of production: Resources used to produce goods and services 1) Land (natural resources) 2) Labor (workers) 3) Capital (buildings, equipment) 4) Entrepreneurship 5) Knowledge/Information World Economic Systems 1) Communism: All factors owned by all people * Big government * No competition * Karl Marx 2) Socialism: Some factors owned by all people * More equal allocation of resources * Government/central planning for basic goods/services * Most basic industries owned by the government 3) Capitalism: Factors are privately held and used to make profit * Promotes competition and freedom. * Driven by self-interest, rewards innovation * Adam Smith: father of free trade and capitalism Market Economy A) Supply and Demand B) Levels of Competition * Pure: Indistinguishable products, infinite sellers, i.e. Retail gas * Monopolistic: Similar products, many sellers, i.e. Candy, Athletic Shoes, Apparel * Oligopolies: Market is dominated by a few sellers, i.e. Soft drinks, Airplanes * Monopolies: One firm owns majority of market, i.e. Electricity, Gas, Water Economic Indicators (indicate health and trend of an economy) 1) GDP: Measures the sum of all goods and services produced in a country in a year 2) Unemployment rate: Measures percentage of population 16 and over looking for work but cannot find it. Three types of unemployment *......

Words: 983 - Pages: 4