Public firms

Public enterprises constitute a significant portion of the economy in both well-ordered societies and in Third World countries. But their governance regime has not been identified with success. It seems almost as if it is the case that whatever regime one puts in place for these firms, one ends up facing unresolved problems. There are a few contradictions in the concept of a public enterprise which remain whatever governance regime one chooses – see Bureaucrats in Business (World Bank, 1995).