COMMENT POSTED IN MY BLOG:
What do you mean - "owned by the people"? If the company is owned by the government, is it the same as being "owned by the people"? Even Income has shareholders. Who owns Income then?
The key distinction should be the mode of operation and not on the type of ownership.
Some activities can be operated as a public service, on a cost-recovery basis, with the aim aim to keep the charges as low as possible. They do not aim to make large profit for shareholders.
Transport, utilities, health care and savings for retirement can be runned as a public service to meet the needs of the general public. They can be operated efficiently, at low cost, and high standard of customer service (without being privatised).
NTUC Income is operated as a cooperative, for the benefit of its policyholders. This is similar to a "public service".
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