Many changes have taken place since the 1970s. British society is more tolerant and open. Attitudes have changed towards minorities and women. Industry is more competitive and internationalised.
Though no one realised it at the time, the seventies signalled the end of the post-war consensus and a shift to a more consumerist and individually focussed society. It was a decade of economic chaos and uncertainty, ending with Thatcherism and the shift to market-driven, globalised industries.
That was where one of the critical changes occurred. The 1980s witnessed mass privatisation, an ideological-driven measure but one that also provided the Tory government with billions in revenue. The argument was that these industries would be freed from the constraints of state control. By removing barriers and government interference the private sector could work its magic, bringing the benefits of competition: lower prices, innovation, decreased costs and a focus on the customer.
With telecommunications, energy companies, utilities and railways all privatised long ago we are seeing the impact of such measures. Providers are generally big businesses. Prices have gone up in real terms as firms ensure they maintain profits. Some sectors have seen innovation but often as a means to reduce costs rather than improve services. Customer service has changed little since most are natural monopolies. To complicate matters, any cost savings are negated by the need to fund overseeing Quangos, such as Ofwat, to 'enforce' market rules
With escalating energy bills, unease about massive profits and poor services, is it time to reconsider this policy; time to reevaluate privatisation? Can we once again think about taking them back into state ownership?
It happened with the banks and East Coast rail, causing no problems. Network Rail has been much better at its role than Railtrack it replaced. Firms could be brought under government control to meet targets set by voters rather than shareholders, helping the country not investors.
So is it time to consider the N word?
Is the country ready for mass-Nationalisation?