Private Sector

In economics, the private sector is that part of the economy which is both run for profit and is not controlled by the state. By contrast, enterprises that are part of the state are part of the public sector; private, non-profit organizations are regarded as part of the voluntary sector.

A variety of legal structures exist for private sector business organizations, depending on the jurisdiction in which they have their legal domicile. Individuals can conduct business without necessarily being part of any organization.

The private sector employs the majority of the workforce in some countries.^{[citation needed]} In some countries such as the People's Republic of China, the public sector employs most of the workers. ^[1]

Even in countries where the private sector is regulated or even forbidden, some types of private business continue to operate within the underground economy.^{[citation needed]}

The private sector is also integrated into the workings of the public sector, with the use of outsourcing or government contracts.

See also

• Free enterprise
• Public sector
• Outsourcing
• Voluntary sector
• Privatization
• Nationalisation
• Private law
• Company law

International statistical organizations

• Eurostat
• United Nations Statistics Division - [1]
• UNESCO Institute for Statistics - [2]
• OECD Statistics Division - [3]
• PARIS21 [4]
• International Association for Official Statistics (IAOS) [5], a section of the ISI [6]
• Worldwide statistical sources

References

1. ^ Joe Zhang. China’s private sector in shadow of the state. ft.com. Retrieved on 2007-07-06.

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