Commentary on Political Economy

Monday 8 August 2011

Postscriptum to 'Crisi e Stato'

I forgot to mention that the most remarkable point on which most of these "analysts" insist is the need "to privatise" various areas of government activity. Now, you and I will agree that there are many "services" that governments should deliver more efficiently and that should be subject to democratic supervision. But it is absurd to suggest that "privatisations" can solve anything, when we remember that it was the wave of "privatisations" during the Great Moderation that resulted in the great financial crisis! (We discussed this point at length in our piece on Tommaso Padoa-Schioppa on this site.)

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