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WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.
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                           PRIVATIZATION: The process of converting or "selling off" government-owned assets, properties, or production activities to private ownership. Privatization is usually undertaken either to generate revenue for the government or as part of an overall laissez faire approach to the economy. After several decades of increasing government control of productive activities, privatization came into vogue in the 1980s, along with business deregulation and an overall movement toward greater use of markets.The logic behind privatization is two-fold: As such, it seems natural to give the private sector a shot at running activities that the public sector does not run very well. The downside of privatization is that many government functions just cannot be performed efficiently by the private sector, which is why, after thousands of years of civilization, government functions continue to exist and persist.Privatization actually reflects one end of a continuum of political views that are in a constant tug of war. At the other end is nationalization. As much as anything else, these two alternatives reflect the ongoing tug and pull of competing political views. - Liberals tend to favor paternalistic government allocation and ownership of resources. Nationalization is a better fitting pursuit for their philosophy.
- Conservatives, in contrast, tend to favor market allocation and private ownership of resources. Privatization is their end of choice.
However, given the efficiency of competitive markets, the necessary functions of government, and the ever present fifth rule of imperfection, neither end is likely to perpetually dominate the other.
Recommended Citation:PRIVATIZATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 30, 2023].
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for cardboard boxes.
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More money is spent on gardening than on any other hobby.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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QJE
Quarterly Journal of Economics
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