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Due to unfair competition, government is ineffective. Government institutions can't go bankrupt and therefore waste tax payer money on maintaining imperfect businesses. As Friedman points out, when you spend someone else's money on someone else, you do not economize and you do not seek highest value
This would restrict those who participate in government from engaging in personal economic ventures, for instance, funding a project they personally like. This is unfairly forcing people out of being investors, simply off the assumption they have a vested interest.
Today governments barely have a role in the economy anymore, it's supra nationalistic private groups that deregulate the economy and participate in the political and mediatical areas of democracy (lobbying) to achieve a total disappearance of the state in front of neo liberalistic private sector.
Regulation is a form of participation.
Regulations will favor the state owned business making it harder for new companies to compete.
State-owned companies do not have profit (survival) as their priority and so are inefficiently managed.