Discuss economies based on state ownership as an alternative to those with private ownership. How prominent are they today? What are the pros and cons of state ownership as opposed to private ownership?

Include the concepts of transitional economies and mixed economies in your discussion.
What will be an ideal response?

Ideal Answer: The ideal answer should:
1. Provide a definition of both state ownership and private ownership.
2. Explain how prominence of state ownership, providing examples of economies employing state ownership.
3. Describe transitional economies, and alternately, mixed economies, by providing links between them and state ownership economies.
4. Evaluate the positives and negatives of state ownership in opposition to private ownership.
5. Discuss the way in which state-owned assets can be run like joint-stock corporations with the government owning a controlling stake of the shares, and the fact that the government-owned corporation may not be required to generate a profit. However, profits may be used to support the general government.
6. Provide a concise and effective conclusion.