Public sector: general government wealth, functions and governance

Abstract

In a crisis context we have a scenario of new functions emerging from the center of an enlarged public sector as an entity created and defined by the System of National Accounts (SNA2008) and the European System of Accounts (ESA2010) for the best understanding of the general government impact on the economic system and for the survival of a Welfare State plenty of interactions with the market and the risky society.

The presentation and analysis of some public sectors, from different countries (European or not), will be the scope of this study based on the national accounting framework and language. It is proposed, in line with the diversity or even the convergence of the strategies for the wealth and the welfare, a new governance paradigm.

The referred paradigm will be sustained by the urgent need of the institutions governance new approach to face the challenge of the “Balance Sheet Recession”.