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The project objective is to investigate the practices of privatization in traditional market economies and the evaluation of their performances, by examining the telecommunication industry, more specifically SingTel.
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1 Project Objective The project objective is to investigate the practices of privatization in traditional market economies and the evaluation of their performances, by examining the telecommunication industry, more specifically SingTel. 2 Market Economy and Government's Role 2.1 Market Economy A market economy is an economy that operates by the "invisible hand". Producers and consumers are left to make their own choices regarding production and purchase of product quantity, variety and price. i.e. The economy operates by supply and demand forces, without intervention. This economy is in direct opposite of a Command Economy, where government committees determine the quantity, variety, and prices of production of goods. As perfect information do not exist in any economies, these central decisions will cause the maximum social benefits to decrease, causing a deadweight loss, because the decisions may not match supply to demand. Following such arguments, it seems that government intervention causes economy to function less efficiently. However, government has a...
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