Wherever possible, markets should be free from intervention or interference by government, trade unions, or large powerful corporations. The solution to economic problems lay in the free markets correcting themselves automatically. This meant free markets for products, finance, and labour.
Examples:
- Most large, nationalised industries were privatised. These included gas, electricity, water, telecommunications, steel, coal, and railways.
- Some industries were made open to competition and monopolies were broken up. These included the professions (law, opticians etc.). The financial markets were made more open and competitive and banks were allowed to compete with building societies.
- State-run services were opened up and competition between the state itself and private companies.
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