Originally Posted by
Big Shed
No it isn't, but then privatisation was to a large extent the result of public utilities becoming inefficient and carrying lots of deadwood.
Just because an organisation is publicly owned doesn't necessarily mean it will do a better job.
I was living in SA when the State Bank collapsed and it wasn't pretty and that collapse took SA and the people of SA a long time to recover from.
The biggest problem with all these privatisations is that to a large extent Governments have abandoned their supervisory and regulatory roles and they are keeping their fingers crossed that private companies will do the right thing. Trouble is that "doing the right thing" means different things to different people. Maximising profit for shareholders is doing the right thing for a private company, delivering the right outcomes is doing the right thing for Governments and the people at large.