The possible bankruptcy of Thames Water Company in Great Britain brings to mind the heady days 40 years ago when Margaret Thatcher's government was privatizing state-owned enterprises, including TW. Not all privatization stories have happy endings.
Despite what many elites believe, AI can do many things, but it cannot successfully plan an economy. It lacks the intelligence of an entrepreneur.
In recent decades a new type of mercantilist enterprise has become key in many federal programs. These are the nonprofit foundations that help create government pilot programs, fund pro-regime media projects, and work with regimes to accomplish ideological projects hatched by the ruling class.
Professor Quinn Slobodian believes that free markets must lead to tyrannical worker exploitation, and socialism is the only solution. In truth, market competition is the answer.
President Biden announced recently to much fanfare that his administration will transform the US economy through central planning. This does not end well.
Socialists and communists claim to support the rights of "indigenous" peoples. However, that support rings hollow given how the USSR abused the native peoples of Siberia, all while American socialists and communists uncritically supported the Soviet Union.
Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.
Progressives have distinguished themselves in the past half century by being against progress. That trend is unlikely to change.
The seventy-fifth-anniversary celebration of the British National Health Service masked the real failures of this system, one that only can become worse over time.
Some are claiming that AI can make socialism workable, but even AI cannot take the place of entrepreneurial economic calculation.
