Thread by @ProfSteveKeen

1/ I've documented how 30+ years of privatization promises have turned into economic disasters. The evidence is overwhelming that "competition fixes everything" is a dangerous myth.

4/ Telecommunications "success"? Original monopolists still dominate 40 years later. Telstra in Australia, BT in the UK. Most supposed "competitors" failed spectacularly.

5/ The hidden costs mainstream economists ignore: massive marketing budgets, CEO salary inflation, reduced long-term investment, and system fragmentation.

6/ My analysis shows that many benefits attributed to privatization would have happened anyway through technological advancement and proper public investment.

7/ Some assets should NEVER be privatized: water, power grids, and telecommunications infrastructure. They require long-term thinking, not quarterly profit maximization.

8/ The privatization experiment has failed by its own metrics. Time to admit that markets aren't magic and some services are too important for profit-driven provision.

9/ This connects to my broader critique: policies based on neoclassical theory consistently fail because the theory is fundamentally flawed.
#Privatization #Economics