Was it really? After 1980 under Thatcher, the UK decided to abandon manufacturing altogether and just create a housing pnzi scheme to replace it and call it "capitalism".
Well telecoms, steel, utilities, the NHS etc were all state owned/run and whilst the perception is the NHS is state run, it’s chopped up and managed by the private sector.
To me this is worse as shareholder value is extracted from state funds and yes obviously the currency is BS but is £10 poorly managed, really worse than £10 poorly managed and with profits taken? I’m not pretending I have any answers but it seems a lot of people gloss over these facts that the printed money isn’t so much wasted by the state (although yes it is) but said cash is extracted by private entities while a nurse/street cleaner/nuclear scientist sees exactly 0 upside.
To me this is worse as shareholder value is extracted from state funds and yes obviously the currency is BS but is £10 poorly managed, really worse than £10 poorly managed and with profits taken? I’m not pretending I have any answers but it seems a lot of people gloss over these facts that the printed money isn’t so much wasted by the state (although yes it is) but said cash is extracted by private entities while a nurse/street cleaner/nuclear scientist sees exactly 0 upside.