Europe
In Western Europe there was a massive nationalization throughout the 20th century, especially after World War II to ensure Government control over natural monopolies and to some extent industry. Typical sectors included telecommunications, power, petroleum, railways, airports, airlines, public transport, health care, postal services and sometimes banks. Many large industrial corporations were also nationalized or created as Government corporations, including among many British Steel, Statoil and Irish Sugar. Starting in the late 1970s and accelerating through the 1980s and 1990s many of these corporations were privatized, though many still remain wholly or partially owned by the respective governments.
A state-run enterprise needs to be distinguished from an ordinary limited liability corporation owned by the state. For example, in Finland, state-run enterprises (liikelaitos) are governed by a separate act. Even though responsible for their own finances, they cannot be declared bankrupt; the state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. In contrast, the state also owns controlling interest in ordinary limited liability corporations. A state-run enterprise is technically not always a corporation, it might also be a separate state entity, or simply a governmental agency acting as an enterprise, perhaps having its own budget. Conversely, the state can directly fund unprofitable business, such as railway services to remote areas, regardless of whether the operator is a private corporation.
Read more about this topic: Government-owned Corporation
Famous quotes containing the word europe:
“New York has her wilderness within her own borders; and though the sailors of Europe are familiar with the soundings of her Hudson, and Fulton long since invented the steamboat on its waters, an Indian is still necessary to guide her scientific men to its headwaters in the Adirondack country.”
—Henry David Thoreau (1817–1862)
“Europe has lived on its contradictions, flourished on its differences, and, constantly transcending itself thereby, has created a civilization on which the whole world depends even when rejecting it. This is why I do not believe in a Europe unified under the weight of an ideology or of a technocracy that overlooked these differences.”
—Albert Camus (1913–1960)
“We go to Europe to be Americanized.”
—Ralph Waldo Emerson (1803–1882)