Deregulation has cost the public dear in a host of countries ever since Thatcher invented it and sold the idea of immutable monopolies to all and sundry. Even the World Bank fell for the stupid idea. It was one of the biggest scams of the 20th Century. Politicians have since stopped talking about breaking up monopolies altogether. Why? Guess!

In the UK the water companies are among the most egregious profiteers of all.
When the Tories privatised the water industry in the 1980s, they promised it would lead to more efficient services that would no longer “suck on the public teat”. In the event, water companies have demanded taxpayer money for investment projects, while at the same time racking up big debts to maximise their returns to investors, while escaping tax. Currently, Thames Water is asking for public funds to build a super-sewer through London. The taxpayer will largely pay for the investment; Thames Water will pocket the profit. (Adapted from an article in The Observer by Nick Cohen).

Epicurus would say that natural monopolies should be either under direct public control, or should be non-profits. There should be no “market” or “competition” in the supply of water, of all things. As Nick Cohen says, it is time to hand them over to people responsible to the public and reduce the huge salaries and outrageous consumer bills.