Balancing between public and private companies is something that takes study, as well as a lot of trial and error.

Each country has its own characteristics, so there is no formula that can be applied in a general way.
Public companies seek a general benefit to the population (or that is what they should do in theory), while private companies seek a benefit for a particular group.

In my country, public companies do not pursue economic benefits, which seems to me to be a mistake, since if public companies have economic profits they can sustain themselves and do not consume resources like a bottomless pit.

Private companies in my country, on the other hand, try to maximize profits, sometimes without stopping to consider the workers. (Not all of them act like this, but there is a large percentage that are just as sinister)

It is a very interesting debate, a good topic to talk about.
Have a good week.