ABSTRACT

An organization owned by the government, but independently managed and financed like a private business. Most government corporations are governed by a board of directors, administered by a professional executive, and financed through the issuance of tax-exempt bonds and the marketing of a service. Government corporations exist at every level of US government, but are perhaps most prominent at the federal and state levels. Other names for such organizations include public authority, public corporation, special purpose government, public enterprise, and public benefit corporation. The invention of government corporations has been the responsibility of chief executives and legislators. Public officials have used government corporations not only to resolve pressing public problems but also to further their own personal careers. US government corporations are strikingly similar to so-called public enterprises in other nations. Even as the United States has been quick to champion the cause of private competition throughout the world, it has been slow to privatize its own government corporations.