'Public Ownership' of Resources: How Public, How Benign?

Excerpt:  Some myths are so durable that they perennially blind people to what are truly the facts on the ground. Surely one of the most resilient of these is the cozy Socialist myth of the "public ownership" of a resource. The concept implies a secure title for the average citizen to anything seized by the State, akin to his ownership of his house or car. That this is a fantasy should be obvious from the outset. Can you leverage, sell, or swap your "share" of the People's Red Star Coal Mine? Not bloody likely. An amorphous bureaucratic blob has the true practical proprietary power over the whole prize, and any influence on this enterprise can only be gained through the truly squalid game of Politics. And who is most likely to win at this? (Hint - it's not the beleaguered isolated little guy!) Read More