Public Ownership, Privatisation, Regulation, and Deregulation (AQA A-Level Economics): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Public ownership
Public ownership
State control of industries/businesses/assets by govt or local authority
Nationalisation
Nationalisation
State taking private assets into public control
UK nationalisation era (years & key industries)
UK nationalisation era (years & key industries)
1945-51; coal, railways, steel
Banks nationalised 2007-08 (4 examples)
Banks nationalised 2007-08 (4 examples)
Northern Rock, Lloyds, RBS, HBOS
Privatisation
Privatisation
Transferring assets from public to private sector
Most important case FOR privatisation (free-market view)
Most important case FOR privatisation (free-market view)
Promoting efficiency
Key case AGAINST privatisation
Key case AGAINST privatisation
Monopoly abuse - profit prioritised over public service
Regulation
Regulation
Rules/controls restricting freedom of economic action
Deregulation
Deregulation
Removing regulations that restricted competition/freedom
Regulatory capture
Regulatory capture
Regulators acting for firms' interests, not consumers'