April 8, 2013

Margaret Thatcher privatised Britain’s power, water and rail network, handing huge profits to the private sector, at the expense of ordinary homeowners. Perhaps the best way to mark her death yesterday would be to renationalize the Utilities. Bolivia nationalised its domestic energy resources a few years ago. A shrewd move, at a time when owners of natural resources hold the best cards.

Maggie Thatcher’s greatest legacy was (together with US President Ronald Reagan) initiating the free market economics that have led directly to the bonus culture and gaping income inequality.

The era of “greed is good” capitalism went global, a fitting tribute to this extraordinary politician. Britain’s first and only female Prime Minister, she set the template for a massive transfer of public money into private hands.

The privatization of the state owned energy industry took a lumbering inefficient national power grid and turned it into a lumbering, inefficient and eye-wateringly expensive Corporate national power grid, where nearly 20% of households are officially in fuel poverty.

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