What are state-owned companies? Why do they usually perform poorly?
What will be an ideal response?
Ans: State-owned companies are a result of socialism which was created by Karl Marx. He disagreed with capitalist economies, in which he concluded only benefited a few at the expense of many. Socialists according to Marx was possible with state-owned companies. These companies advocate state ownership of the basic means of production, distribution, and exchange. State-owned companies usually perform poorly due to lack of competition. Their monopoly position and guaranteed government financial support did affect the peoples efficiency.
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