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I am not in control of that parastatal clang.” “—another excuse from you within five minutes.” Duggy dropped the rest of the documentation on the desk, stood up.
Table of contents
- Meaning of "parastatal" in the English dictionary
- Is hybrid governance better governance?
- PARASTATAL - Definition and synonyms of parastatal in the English dictionary
Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Our flagship business publication has been defining and informing the senior-management agenda since Our learning programs help organizations accelerate growth by unlocking their people's potential. Parastatals occupy a vital middle ground between public agencies and private-sector organizations.
The age of hybrid governance is already upon us. Asian state capitalism is actually a centuries-old European practice dating back at least to the government of Victorian Britain, which gradually brought the British East India Company under its direct supervision and control over the course of the 19th-century, absorbing all of its colonies and wealth.
As much as this article is about the future of governance, there are always important echoes from the past. More and more entities occupy the middle ground between state-owned and fully privatized, especially in emerging markets. More fundamental than this shift in the regulatory environment is an evolution in the very nature of the players.
In other words, public-sector skeletons with private-sector DNA. Many of the most prominent state-owned enterprises, sovereign wealth funds SWFs , and special economic zones SEZs exemplify elements of this increasingly visible public-private fusion that goes beyond the traditional division of labor between public- and private-sector roles toward a more active, if blurry, cogovernance among them.
Today we are witnessing a massive proliferation in the number of new parastatal entities around the world. Such bodies are variously referred to as government-owned corporations, state-owned companies, state enterprises, publicly owned corporations, government business enterprises, or quasi-governmental nongovernmental organizations QUANGOs. Parastatals are wholly or partially publicly owned but often privately managed; they include wealth funds, extractive companies, utilities, administrative and judicial centers, export-processing zones, and urban-development authorities that run—with little or no democratic scrutiny—some of the most important pools of money and sites of growth.
It is precisely in authoritarian-capitalist China and the petro monarchies of the Middle East that one finds the greatest number of parastatal entities. Power diffusion continues even in the shadow of strength. Over the past two centuries, parastatals have come and gone in waves. In the post-Depression West, a wave of nationalizations created parastatals that became an institutionalized form of unemployment insurance, providing jobs in excess of productive needs. Operating in closed domestic markets with little shareholder scrutiny, many became bastions of mediocrity and corruption.
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Recent decades have witnessed a gradual revival of parastatals that foreshadowed their present surge. They gained access to international capital markets and have leveraged investment to expand operations. By floating shares on exchanges, contracting with auditing firms, establishing independent boards of directors, restricting subsidies from the government, and improving recruiting standards and managerial incentives, parastatals have been able to make themselves competitive with the private sector even if most are still less efficient.
Rather than disappearing, therefore, parastatals appear to have expanded their scope and mutated their forms.
Meaning of "parastatal" in the English dictionary
South Africa and India each have dozens of parastatal vehicles spanning functional fields such as the postal service, energy, railways, telecoms, health care, alcohol, gambling, and education. There are very sensible reasons that parastatals have assumed such prominence in governance today.
First and foremost, legacy institutions are broken. Frustration has grown around the inability of traditional ministries to manage investment, infrastructure, manpower, and other fundamental concerns. Same talk for the past 34yrs no implementation at all i jst hope the so called bornfrees will take you seriously.
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PARASTATAL - Definition and synonyms of parastatal in the English dictionary
Abouty December 4, at 9: Mukanya December 4, at 9: EMA December 4, at Blessing December 4, at Duggy endured a rough childhood, but it equipped him with a sense of survival. He despises unfair conduct. When Duggy learned that he was set up for failure, he resorted to experiences as far back as his childhood to the detriment of those who appointed him and did not reckon with Duggy's survival instinct.