In Many Countries, the Government Chooses to "Internalize" the Monopoly

question 193

Essay

In many countries, the government chooses to "internalize" the monopoly by owning monopoly providers of goods and services. (In some cases these firms are "nationalized," and the government actually buys or confiscates firms that operate in monopoly markets). What would be the advantages and disadvantages of such an approach to ensure that the "best interest of society" is promoted in these markets? Explain your answer.

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Definitions:

Social Scientists

Academic professionals who study human society and social relationships through methods of empirical investigation and critical analysis.

Family Of Procreation

The family a person forms by marrying and having or adopting children.

Family Of Orientation

The family into which a person is born or adopted.

Social Class

A group of people who have a similar standing or rank based on wealth, education, power, prestige, and other valued resources.