AMERICAN LEYLAND: Claire Berlinski: America should learn from Britain’s disastrous takeover of its biggest auto company. “British taxpayers invested 11 billion pounds—the inflation-adjusted equivalent of $22 billion today—in a company whose only sign of life was a willingness to spend that money. Though the British economy recovered, British Leyland did not. If this story sounds troublingly familiar to you, you appear to be nearly alone. Few of the policymakers currently nationalizing the American auto industry seem to remember the British experience, and fewer still seem to have learned anything from it.”
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Which brings us back to Friedman's
syllogism on socialism:
1. Socialism has been a failure everywhere it has been tried;
2. Everyone knows this; and
3. Therefore, we need more socialism.
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