I encountered an incisive summary of why nationalisation is a good idea – even though, personally, I consider it, as usually understood, often, less than ideal…
There are five reasons in favour:
Privatisation has failed
Public ownership would save billions
Public ownership is successful
Public ownership is popular
All of which I certainly agree with – and there are many additional reasons in favour in the same article here.
My ‘but’ is that I’d prefer a compulsory co-operative to compulsory nationalisation.
And I’d also like politicians to understand money rather than subject their ‘public ownership’ nationalised industry to arbitrary spending constraints – because there is all of a sudden, no money – or simply tax receipts have reduced.
The current system has actually been a benefit of, for example, the privatised railways. Once the government has committed to spending, the private companies are in the driving seat and able to sue the government if they do not deliver.
And, as we all know, Virgin has been able to lever this scheme to their advantage.
With an arms-length co-op, co-ops could certainly, if required, do the same – but with a straight nationalisation, they could not.
Co-ops give the opportunity for basic local and democratic control but without the arbitrary withholding of funding after the sudden realisation that money is ‘too short’!
‘We own it’ need, I’d suggest, to be cognisant that nationalisation will not be a facet of government spending control but simply a system of low down local – and co-operative – control.