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We have spent the last three decades engaged in a pointless and
irrelevant debate about the relative merits of privatization or
nationalization. We have been arguing about the wrong thing while
sitting on a goldmine of assets. Don't worry about who owns those
assets, worry about whether they are managed effectively. Why does
this matter? Because despite the Thatcher/ Reagan economic
revolution, the largest pool of wealth in the world - a global
total that is much larger than the world's total pensions savings,
and ten times the total of all the sovereign wealth funds on the
planet - is still comprised of commercial assets that are held in
public ownership. If professionally managed, they could generate an
annual yield of 2.7 trillion dollars, more than current global
spending on infrastructure: transport, power, water, and
communications. Based on both economic research and hands-on
experience from many countries, the authors argue that publicly
owned commercial assets need to be taken out of the direct and
distorting control of politicians and placed under professional
management in a 'National Wealth Fund' or its local government
equivalent. Such a move would trigger much-needed structural
reforms in national economies, thus resurrect strained government
finances, bolster ailing economic growth, and improve the fabric of
democratic institutions. This radical, reforming book was named one
of the "Books of the Year".by both the FT and The Economist.
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