review this passage to express it in another English wayMarket failure refers to the phenomenon that the market is still unable to allocate resources effectively and function properly with full respec

Market failure is when the market is not able to allocate resources effectively and function properly using market mechanisms. This has resulted in government intervention in various aspects of the market. The British government intervenes in goods and services that are harmful to society, like drugs. They also intervene in strategic items such as warships, coal, and steel, which cannot be controlled privately. Large-scale investments that require significant consumption, like electrifying the Edinburgh railway line, also require government intervention. Additionally, governments must intervene in equity issues as the private sector is often too profit-oriented and neglects equity