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| Topic: |
History
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| Number of pages / Number of words: |
31 / 8528 |
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It is worth ending a moment looking at the reasons why industries were national- ized and markets were regulated in the post-war world.
The consequence of public sector involvement is that the profit motive - which typically dominates the operations of a private sector company - can be replaced by other objectives defined by the state...
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There were four main reasons for the direct involve- ment of the state in a country’s industrial structure in the past fifty years.
i. Strategic. Some industries were seen as key to the military strength of a nation. Steel, transport, communications, energy and aerospace are examples of industries which were frequently brought under public ownership for reasons of national security...
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