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How poorly governed state-run businesses can ruin the economy and politics

In: The Public Wealth of Nations

Author

Listed:
  • Dag Detter
  • Stefan Fölster

Abstract

It would be natural to think that large public wealth helps a government to steer a country well. Paradoxically, the opposite seems to be the case. Just as a country may suffer from the “Dutch disease” when blessed with an abundance of natural resources, public wealth can have toxic side effects. A “public wealth malaise” is hardly caused by incompetence among politicians, even if some businesspeople like to think so. The disease transcends how well the state-owned firms are managed. Rather, the public wealth malaise comes about because the administration of public wealth seriously distracts politicians from their primary task and, indeed, mandate — to promote the common good. In fact, more public wealth weakens governments and democratic decision making.

Suggested Citation

  • Dag Detter & Stefan Fölster, 2015. "How poorly governed state-run businesses can ruin the economy and politics," Palgrave Macmillan Books, in: The Public Wealth of Nations, chapter 0, pages 30-42, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-51986-3_3
    DOI: 10.1057/9781137519863_3
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    Cited by:

    1. Jörn S. Basel & Katja Rubin, 2021. "Repair of Trust Through Apology at a Reputable Company: The Case of PostBus In Switzerland," International Journal of Business Research and Management (IJBRM), Computer Science Journals (CSC Journals), vol. 12(3), pages 116-138, June.

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