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In general, is nationalisation a wise economic policy?
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Yes, on the whole.
Many types of public services are better in the hands of Government, provided it is a system of Government you can trust.
Transport for example can result in higher prices simply because of anti-competitive behaviour from companies.
Specialised services can and are contracted out to certain companies and this is ok - provided that it remains within overall control of the Government. I often think that space exploration is a good example of this, where a single Government-run administration such as the European Space Agency or the United Kingdom Space Agency (yes! The UK has its own!) Here the overal policy and operations are planned and implemented by Government, but specialist work such as satellite design or the development of the automated transfer vehicle (ATV) is tendered out to priate companies. This leads to a good build up of skills, knowledge and job both within the public and private sector.
- By Michael Brame
- Nov. 23, 2010