"An essential commitment, which virtually all observers have emphasized, is not to subsidize enterprises that are making losses. While the standard remedy for this is "privatization," it should be recognized that this is neither necessary nor sufficient for imposing hard budget constraints. Governments in many countries have subsidized private producers (e.g., of steel), and governments in some countries have imposed hard budget constraints on government enterprises."
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Academics from the United StatesNon-fiction authors from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in Economics
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Chap. 15 : Some Tentative Recommendations
https://en.wikiquote.org/wiki/Joseph_Stiglitz
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Joseph Stiglitz
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