Public corporations and parastatals are typically established by
Answer Details
Public corporations and parastatals are typically established by legislative acts and statutes.
Legislative acts and statutes are laws that are passed by a governing body, such as a government or legislative assembly. These laws provide the legal framework for the creation and operation of public corporations and parastatals.
When a legislative act or statute is passed, it outlines the purpose, structure, governance, and responsibilities of the public corporation or parastatal. This ensures that they operate within the legal framework and are accountable to the governing body and the public.
The establishment of public corporations and parastatals through legislative acts has several advantages. Firstly, it allows the government to have control over important sectors of the economy, such as transport, energy, or healthcare, to ensure the provision of essential services to the public. Secondly, it provides a legal basis for the government to provide financial support and regulations to these entities. Lastly, legislative acts and statutes help in ensuring transparency and accountability in the operations of public corporations and parastatals.
In contrast, private corporations are typically established by private individuals or groups for profit-making purposes. Trade unions represent the interests of workers in collective bargaining, while international organizations are formed by multiple countries to address global issues. These entities do not have the same legal basis as public corporations and parastatals, and their establishment is not regulated by legislative acts and statutes.