The sensible way to run a business. Compare public ownership and public sector, i.e., the inefficient way. Private sector are organizations that are privately owned and operated to supply the people with goods and services at prices determined by the market. They can be small mom and pop stands all the way to giant multi-billion dollar behemoths, but across the size spectrum all of these enterprises are usually superior in organization and execution.

Why? Because they usually lack the bureaucratic red-tape that burdens the public sector. I'll concede the point that, yes, not all privately owned companies are top-notch in efficiency, but I challenge you to name two decently profitable public sector corporations that have operated for any decent length of time. Corporate bureaucracy is annoying, yes, but the leadership of private corporations have profits focused in mind. That makes them do good business. Public ownership firms have no such focus, and hence produce inferior goods to be sold at government-enforced inflated prices.