Britain: The Nationalization Mess

(2 of 2)

Despite BSC's troubles, the ardor of Labor's left wing for more nationalization has not dimmed. Last month a party committee recommended that the government take control of drug manufacturing and movie theaters, either by starting new companies or nationalizing existing ones. Such proposals stand small chance of adoption, but there is equally small chance that steel will soon be returned to private hands. To buy BSC, which has assets of $3.3 billion, an enormous investment by any private group would be required. The government's policies hardly promise enough profit to justify such an investment.