Copyrighted Image? DMCA | This is from Michael Hudson's book on privatization, written some 15 years ago.
Privatization in Britain was a victory for Chicago monetarism. This time it was implemented democratically. In fact, voters endorsed Margaret Thatcher's selloff of public industries so strongly that by 1991, when she was replaced as prime minister by her own party's John Major, only 35 percent of Britain's voters supported the Labour Party -- half the proportion registered in 1945. The Conservatives sold off public monopolies, used the proceeds to cut taxes, and put the privatized firms on a profit-making basis. Their stock prices rose sharply, making capital gains for investors whose ranks included millions of Britons who had been employees and/or customers of these enterprises. Yet by 1997 the Conservatives were voted out of office by one of the largest margins in their history... |
Read the rest of the story HERE:
At michael-hudson.com
At michael-hudson.com
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