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An OIJ Story
Hard experience, here and abroad, proves that the worst possible way to deal with an economic problem, or to provide a nation with necessary goods and services, is nationalization of commercial enterprise. Take, as an example, Britain's nationalized railroads. Barron’s magazine tells the current story. These railroads have been losing at the rate of $500 million a year, and it has been decided th^t the strained British economy just can’t afford it much longer. So their director plans to cut heavily into the deficit, by eliminating unprofitable passenger service, abandoning 5,000 miles of track along with depots and shops, drastically reducing employ ment, and raising fares. In Barron's words, “His radicalism proved a shoc£: to Britons. What private U. S railroads have been doing over the past 15 years, the nationalized system now seeks to do in less than half •the time. Its wasteful lag testifies to the vices of state railroad management.* This situation applies to just one industry in just one country. But it is common in just about any enterprise that government owns, runs, or dominates. In those enterprises: Incentive and profit necessity are lacking. The bureaucratic administrative overhead is out of all reason. And the public pays and pays and pays.
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