Source: Adam Smith Institute
by Tim Worstall
“Much can be said – and we’ve said much of it over the decades – about nationalisation. How taking an organisation out of the bracing rigour of competitive markets and into the sloth of the bureaucracy tends not to increase efficiency. Say and as an example. Or that government never will invest for the long term as there’s always some more immediate purchase of votes to be done with whatever funds might be available. But just to nod to one more point: ‘At the same time, British Steel’s physical assets – including property, plant and equipment – have been deemed largely worthless after an audit review.’ … Two billion, plus or minus a bit of change, to buy something worth nothing. On the basis, we assume, that some still have the hots for the sort of industry where manly men do manly things in girt big factories.” (08/08/26)
https://www.adamsmith.org/blog/nationalisation-as-a-money-sink