ABSTRACT

The economy of a western democracy, by convention, is divided between the private and public sectors (Hughes, 1994). The private and public sectors are usually perceived as being distinct and separate, but Hughes (1994) claimed that distinguishing the economy as being divided into two mutually exclusive sectors may be incorrect. This is because the modern capitalist economy is a completely mixed system in which the public-and the private-sector forces interact, and therefore, the economic system is neither public nor private, but a mixture of both (Hughes, 1994).