By John Tamny RealClearMarkets
‘while nationalization has enabled some industries to postpone job losses for a time, the resulting overmanning has usually proved unsustainable and the eventual job losses consequentially greater.’ · Nigel Lawson, The View From No. 11
Nigel Lawson served as Margaret Thatcher’s chancellor of the exchequer, and as the Thatcher and Reagan eras in England and the U.S. were most notable for governments removing themselves from the doings of private enterprise, it’s passing strange that politicians in the U.S. and around the world would take their hysterics to such astonishing levels. It’s as though the capitalistic economic revival of the last twenty-five years didn’t happen, and that the denationalization of industry was irrelevant to our subsequent good fortune.