MANAGED COMPETITION Meaning and
Definition
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Managed competition is a term broadly used in the field of economics and public policy, referring to a system in which government entities regulate and oversee market-driven competition between private organizations or individuals. It is a model that seeks to strike a balance between market forces and government intervention to ensure fairness, efficiency, and improved outcomes for consumers.
In a managed competition framework, the government encourages private entities to participate in delivering goods or services previously provided exclusively by the public sector. These private organizations compete against each other in a regulated marketplace, often subject to specific guidelines or conditions set by the government. The intention is to introduce competition and choice while still maintaining control and oversight to protect the public interest.
The management aspect of competition involves the government's role in crafting and enforcing regulations, establishing standards, monitoring performance, and resolving disputes. By implementing rules and market mechanisms, managed competition aims to correct market failures, control costs, maintain quality standards, and enhance consumer protection.
This approach is commonly adopted in sectors such as healthcare, education, utilities, transportation, and insurance, where there is a desire to combine market dynamics with government intervention to achieve the optimal balance between efficiency and equity. The regulatory aspect of managed competition helps prevent monopolies, fosters innovation, encourages cost-saving measures, and ultimately aims to improve overall service delivery and affordability for consumers.
Common Misspellings for MANAGED COMPETITION
- nanaged competition
- kanaged competition
- janaged competition
- mznaged competition
- msnaged competition
- mwnaged competition
- mqnaged competition
- mabaged competition
- mamaged competition
- majaged competition
- mahaged competition
- manzged competition
- mansged competition
- manwged competition
- manqged competition
- manafed competition
- manaved competition
- manabed competition
- manahed competition
- manayed competition
Etymology of MANAGED COMPETITION
The etymology of the term "Managed Competition" can be understood by breaking down its constituent words.
1. Managed: The word "managed" comes from the verb "manage", which originated from the Italian word "maneggiare" meaning "to handle" or "to control". It entered the English language in the early 16th century, adopting the meaning of "to control or supervise the activities, business, or employees of an organization".
2. Competition: The word "competition" has Latin roots and is derived from the Latin word "competere", meaning "to strive together" or "to contend". It entered the English language in the late 16th century and refers to the act of participating in a contest or rivalry.
When these two words, "managed" and "competition", are combined, the term "Managed Competition" typically refers to a concept where competition is regulated or controlled within a specific framework.
