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Private sector

 

Private sector

The private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the State (areas of the economy controlled by the state being referred to as the public sector).

Contents

  • Employment 1
  • Regulation 2
  • See also 3
  • References 4

Employment

The private sector employs most of the workforce in some countries. In private sector activities are guided by the motive to earn money.

Regulation

The private sector is legally regulated by the state. Businesses within one country are required to comply with the laws in that country.

In some cases, usually involving multinational businesses that can pick and choose their suppliers and locations based on their perception of the regulatory environment, these regulations have resulted in uneven practices within one company. For example, workers in one country may benefit from strong labour unions, while workers in another country have very weak laws supporting labour unions, even though they work for the same employer. In some cases, industries and individual businesses have chosen to self-regulate by applying higher standards for dealing with their workers, customers, or the environment than the minimum that is legally required of them.[1]

See also

References

  1. ^ Haufler, Virginia (2013-01-25). A Public Role for the Private Sector: Industry Self-Regulation in a Global Economy. Carnegie Endowment.  
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