in these dark economic days, where the Masters of the Universe have substantially dropped the ball and Government's the world over are rushing to Nationalise (too harsh a description?) the financial industry it is interesting to contemplate some of the other prescriptive measures which these same financial wizards have foisted on us over the past few years.
Specifically I am thinking of the deregulation, break-up and dismembering of the utilities and infrastructure providers - electricity, gas, telecommunications, roads and rail. The battle cry has been that these assets are better off in private hands where they will earn a better return. The banks have been in private hands - and now they have been bailed out by taxpayers, effectively nationalising the most competitive of industries.
There is little objective evidence to support the argument that competition - purely for the sake of competition - is delivering a net benefit to consumers. Certainly the costs of electricity and communications delivered to our homes has risen substantially since the introduction of competition. So we have choice - but what we really want today is a good service at the lowest possible price.
With the financial markets in complete turmoil, with the environment melting down as fast as Wall Street perhaps it is time that we reconsider the "accepted wisdom" of these Wizards of Wall Street - and maybe we stop rushing headlong into unfettered competition and consider the benefits of infrastructure being held in public hands where it generates benefits for the whole society and not just those intent on leveraging their options in derivatives.
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