But it did develop in relation to specific policy objectives. 794 (June 28). However, she faced numerous crises her first few years in office that limited her privatisation efforts, including a deep recession, high inflation, labour union strife, and the Falklands War. New Labour had made electoral capital out of the Tories' unpopularity over privatisation, but only pledged to stop the sell-off of air traffic control. And despite a few high-profile accidents in the 1990s, the overall safety record of British rail has steadily improved since privatisation (Merkert and Nash 2006: 83). In sum, British rail reform has been a success, not the failure that some critics have claimed. Over the past four years, governments worldwide have sold an average $203 billion of state-owned businesses annually. Britain’s National Freight Corporation was sold to company employees in 1982, and London’s bus services were sold to company managers and employees in 1994. To tackle lacklustre US growth, policymakers should pursue privatisation in order to increase productivity and inject more dynamism into the economy. In subsequent years, the British government proceeded with large public share offerings in British Gas, British Steel, electric utilities and other companies. Productivity has substantially improved, with passenger journeys per employee increasing 37 per cent (Association of Train Operating Companies 2013) since the reforms. There is, however, one good news story in economic policy that is often overlooked: the ongoing privatisation revolution that has swept the world since the 1980s. Some of the accidents may have been due to insufficient track maintenance in the years before and the years after privatisation. The revolution was launched by Margaret Thatcher, British prime minister from 1979 to 1990. In Australia, a series of governments privatised dozens of companies in the 1990s and 2000s, generating proceeds of more than $100 billion. Other nations followed Britain’s lead because of “disillusionment with the generally poor performance of state-owned enterprises and the desire to improve efficiency of bloated and often failing companies”, noted a report on privatisation by the Organisation for Economic Cooperation and Development. Tony Blair’s Labour government privatised air traffic control. The second and third New Labour administrations pressed aggressively for further state down-sizing and privatisation. In Australia, a series of governments privatised dozens of companies in the 1990s and 2000s, generating proceeds of more than $100 billion. Swarajya - a big tent for liberal right of centre discourse that reaches out, engages and caters to the new India.
One early reform was the popular “Right to Buy” law, which allowed people to buy the government-owned “council” houses that they lived in. In the 1950s, the British Conservatives privatised some industries—including the steel industry—that had been nationalised by the previous Labour government. Above all, perhaps, in shifting the democratic to market-based principles of allocation, it favours those who are strongest in their control of the market, and who also happen to represent the social basis of Conservatism. Today, many countries have privatised the “lowest hanging fruit.” But there is much left to sell, and global privatisation is continuing at a robust pace. It shows company names at the time of privatisation and the year that the first portion of each business was privatised. That pattern of cost cutting, increased efficiency, and then growth is common among privatised firms. Rail ridership is now hitting levels not seen since the early 1920s. And a review of dozens of academic studies in the Journal of Economic Literature concluded that privatisation “appears to improve performance measured in many different ways, in many different countries”. . Borrmann, J; Alt, R; Helmenstein, C; and Berrer, H (2013) “The Privatisation Goldmine.” New Direction Foundation, Brussels (June). A 1980 book, Privatization, Theory and Practice, describing that reform was the first with the word privatisation in its title. Economic policy has taken an anti-market turn in recent years, with many nations increasing regulation, running large deficits, and embracing repeated stimulus actions by central banks. Drucker called for a “reprivatisation” of government activities. Royal Mail is being auctioned, and not necessarily to the highest bidder (and stamp prices are going up). But it was privatisation that became her most important and enduring economic legacy. President Bill Clinton’s administration was more successful: it oversaw the sale of the Alaska Power Administration, the Elk Hills Naval Petroleum Reserve, the U.S. Enrichment Corporation, and Intelsat.
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