Defin8tion for strategic industry
Laissez fairy, business English
8 answers from our tutors
Hello Jasmina😊 It is an industry that a government considers to be very important for the country's economy or safety.
A sector of the economy or safety of a nation that the government values highly.
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If I get your point correctly, according to my opinion; strategic industry and laissez faire cannot feature in the same sentence. Strategic industries are those industries that the government considers as being significant contributors in the economy. It would be a total disaster to allow a laissez faire situation in such corporations. These types of industries need complete control of power where there is absolute accountability and direction, i.e a fully set out plan. Without which, the industry would be at the mercy of constant revival and renewal, costing billions of rands. Moreover, the companies could sustain loss of profits without any accountability but blame shifting games, thereby inflicting a significant negative impact on the economy. It would be more wiser to have a more vigilant approach in such situations by eliminating any probable risks.
It is an industry that is being considered by the government to be very important for the country's economy or its safety.
- LanjCertified ESL Online Tutor and School Teacher
Laissez Faire (Political Philosophy) A policy of minimum governmental interference in the economic affairs of individuals and society
Strategic industry: An industry that a government considers to be very important for the country`s economy or safety. E.g., An industry can be strategic because it is a base for many other industries.
a detailed knowledge of the market into which the company is selling. Market size, projected growth, competition and industry profitability are key factors in determining strategy.
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