Sunday, October 13, 2013

World of Finance: Nationalization vs. Privatization-5

I don’t believe in nationalization since it is now an outmoded system which does not achieve anything except fill the jobs with corrupt and inefficient people and also destroy whatever incentive people have to invest in the economy since they are afraid that their investment will one day be taken away from them in the name of national security. Instead of nationalization perfectly good running companies why the government don’t just regulate them so that there is no need to nationalize in whatever name they are nationalized for. Why does the government not create new industries or at least give incentive to people via their fiscal and monetary policies to come forward and create jobs through investing in new companies. It is not the government job to run industries but to create an atmosphere where innovation and creativity thrive so that people can create jobs by building new companies. Nationalization is a legacy of a bygone era which is not feasible anymore in any country whether rich or poor. I believe in private enterprise and I can understand the hesitancy of some people to embrace it since they believe that entrepreneurs and capitalists exploit people but you can have private industries where people can work according to their ability and if there are some who cannot compete for whatever reason, then it is government’s job to provide jobs or train them in skills which are high in demand so that they can stand on their own two feet. Economy thrives on private enterprise, so stop nationalizing industries and get out of the already nationalized industries because government has no business to run business.

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