Monday, January 15, 2018

Bill Mitchell — Renationalisation – when self-promoted genius becomes plain lame

There are times when so-called progressives outdo themselves with their (usually self-styled) ‘genius solutions’ to the ravages of neoliberalism. They come up with elaborate ‘solutions’ that people on the Left get feverishly excited about yet fail to see how obviously ridiculous these strategies are when all the options are allowed. They, in fact, step further into the mirky neoliberal world by trying to be progressive because they fail to see what the basic issue is. One recent example of this was the proposal by Britain’s Big Innovation Centre to divert the private sector into doing good for society in general. Apparently, the British government could resume control of the failing (privatised) essential services without laying out a single penny. This would apparently allow them to avoid running foul of Treasury borrowing limits yet satisfy the overwhelming desire by the British public for a restoration of quality services. It is clear that the British public are sick to death of the privatised services and are ready for a large revival of public sector activity. In that environment, why would the government, with such a powerful mandate and plenty of political cover, maintain the economic myths that were advanced to justify the (unjustifiable) sell-offs of public enterprises? Once we cut through these economic myths, it becomes apparent how lame these ‘solutions’, which perpetuate profit-seeking, corporate ownership of the essential services in Britain, really are....
Bill Mitchell – billy blog
Renationalisation – when self-promoted genius becomes plain lame
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia


Kaivey said...

Privatisation was a con. That gave examples of mom-and-pop small business running more services like buses. They said people could have shared ownership of privatised industries, but what the Over Class really wanted was complete ownership of the sold off industries. They recently got the Royal Mail but now they want the NHS. This world put billions into their pockets.

The ruling elite have ravaged the world using "capitalism" and "market forces" to destroy their economies and turn people into virtual slaves, but they want more.

Greg Palast found out that the Koch brothers were changing the markers on their tankers so they could syphon off more oil from the Native American territories without them knowing. He got someone to take a tape recorder and go undercover and ask one of the Koch brothers about it, and he said that he wanted all of it, everything that was coming to him.

The ruling elite can't get enough, it's as if only when everyone had been driven into poverty and they have everything will they stop. Mom-and-pop small businesses is about fairness with people working hard and getting their just rewards, but neoliberalism is about psychopaths stealing what they can.

When Margaret Thatcher privatised the bus services one company called Stagecoach became dominant and then they went into all the small towns and undercut the rival bus companies until they went broke. Many of the bus services had always been private. Stagecoach said all they were doing was offering people a special offer to try their bus service. The British government let them get on with it.

Apparently this ruthless type of capitalism is the real 'capitalism' but is it only tolerated because the ruling do so well out of it?

Micheal Hudson often writes about how industrialisation was going to create a leisure economy, but as computers and modern machinery ravages the earth 24/7, people are driven into longer and longer working hours. Everything now open all hours 24/7. Mums at work, everyone on shift patterns. The multibillionaires are becoming trillionaires.

Matt Franko said...

"government could resume control of the failing (privatised) essential services without laying out a single penny. This would apparently allow them to avoid running foul of Treasury borrowing limits"

Wrong approach...

Kaivey that is called a "loss leader" in business:

Should be illegal imo...