Part
5 - Nationalisation
To achieve such an economy clearly
requires mass nationalisation. Corbyn has boldly put this on the
agenda, with pledges to nationalise the railways and the utilities.
In his speech, Corbyn attacked the parasitic capitalists who use
instruments like private equity to squeeze profits out of, for
instance, the water industry and run them down, knowing they have no
competition anyway.
This pledge is extremely welcome
after years of privatisation and the Thatcherite myth that ‘there
is no alternative’, to which Blair et al. wholeheartedly
subscribed.
But Corbyn’s plans for
nationalisation are too timid for their own realisation. Labour plans
to let the licences granted to these utility companies expire, rather
than to nationalise them straight away. This will give them all the
time in the world to undermine any public ownership plans: to cut
back all investment, to move assets abroad etc. And by the time the
licence expires Labour may be out of office.
We must be bolder and nationalise
the utilities - and more - immediately, with no compensation!
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