Governments are ill-equipped for market participation
Private markets, when free, are self-correcting in a way politically influenced markets cannot match
Nationalisation is one of those stories for which the punchline is: “Eventually you run out of other people’s money.”
In real life, that running out can take a long time, during which politically connected beneficiaries drain resources from taxpayers and customers. That means the resources acquired to produce the service were worth more than the value of that service to customers. In less polite company, we might refer to that as wealth destruction...
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