Posted 21 October 2012 - 08:30 PM
No one's saying private business for private profit isn't important, but it isn't the be all and end all. Publicly owned industries did make losses, but take the railways, the bits that were making a profit and to some extent were subsidsing the rest, were sold off by Thatcher. The hotels, and ferries, all instituted in the days when the railways were privately owned were all sold off in the eighties leaving BR with the loss making bits.
And private industry can be wasteful. The canal system of this country was built for private profit, but unfortunately to two different lock gauges, so it couldn't universally used. The railways were also built to two different gauges, necessitating the expense of large sums of money by the GWR in order ot come into line with the rest of the country. Or look at the recording industry - two different speeds for vynyl. Or cassettes vs 8 track cartdidges, or VHS vs Betmax, bayonet cap vs Edison screw - there are loads of examples of this type of thing where the public have been inconvenienced by different systems for the same purpose. All for private profit.
"This is a very wealthy country, money is no object" D. Cameron February 2014