The private sector is considered the main driver of the global economy under the capitalist system prevalent in most countries, including those of the former socialist bloc. This shift occurred after the failure of their economic systems, where the state monopolized the production process. Some of these countries adopted a mixed system to achieve a balance between the public and private sectors, a move that has achieved remarkable success on a global economic level, as exemplified by the Chinese model. Meanwhile, capitalist systems continued along their previous path, leading to the financial and economic prominence of several countries worldwide, spearheaded by the United States. However, the capitalist system has faced continuous setbacks due to recurring local and global crises. These crises have forced some of these countries to deviate from established laws and regulations to ensure the survival of their economic systems. This has been achieved through government support for numerous prominent companies to guarantee their survival and prevent bankruptcy, as occurred during the 2003 financial crisis, which originated in the financial markets of those countries. Iraq's 2005 constitution adopts the market economy as its legally recognized economic system, but its implementation has been limited to specific areas of goods and services production (tangible and intangible products). Despite their limited impact on the overall economy, these production organizations often fail to adhere to the regulations and laws governing each sector, whether administrative or production-related. At the administrative level, the lack of separation between management and shareholders is a major factor in the administrative constraints placed on leaders, preventing them from effectively fulfilling their roles in developing the organization and achieving the desired level of performance. Furthermore, the violation of employee rights, including arbitrary dismissals and terminations, has led to a palpable sense of job insecurity among the workforce. This is compounded by a disregard for human rights and social responsibility in employee relations and the overall work environment. At the production level, standard product specifications have been compromised, with products being offered with specifications lower than advertised or labeled, thus rendering them uncompetitive in the market. The loss of customer confidence in these products and the preference for imported foreign products as alternatives. Furthermore, some laws and regulations are subject to selective application, with some being ignored or interpreted in a way that empties them of their intended purpose. This negatively impacts the performance of organizations in particular and the overall economic situation in general. This phenomenon has become prevalent even in many government institutions due to weak procedures implemented by the relevant authorities, but it is particularly noticeable in the private sector, which strives to achieve a certain level of profitability to ensure its survival and continuity, unlike the public sector. The purpose of the foregoing is to highlight the possibility of diligent efforts to revitalize the private sector so that it can reach the level of its counterparts in developed countries, where it is the cornerstone of financial and economic progress. This can be achieved through a high level of adherence to laws and regulations, without the need for constant oversight, by activating self-regulation and strengthening the requirements of governance elements both internally and externally. This will build a robust economic model that improves the economic reality and rescues it from the clutches of a rentier economy, which violates the constitutional framework of the economic system in Iraq.