Tuesday, June 28, 2005

Russia


anchor chains
Originally uploaded by Kalense Kid.
Other countries such as Russia used to have planned economy with state owned enterprises. They have gone through the same process of transformation as in China. However Russia had done it overnight which caused more damage than good. In the UK many industries were stated owned, e.g. railway, water supply etc. these stated owned companies have been operating with low efficiency and their staff take benefits they enjoyed for granted. UK had to privatize these large enterprises. At the end many UK government industries used to enjoy government subsidies and support ended up in foreign ownership.

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