Although Thatcher's private power market scheme was a poor idea that proved worse in practice, the International Monetary Fund and World Bank adopted it as a requirement of every single structural assistance programme worldwide. The World Bank's former chief economist, Joe Stiglitz, told me how IMF and Bank teams would fly into Russia and Asia, preach the wonders of privatising electricity markets, 'and you could see the wheels turning in the local officials' minds'. Here was a means for their corruption 'rents' to multiply a thousand-fold.
Power systems were privatised from Brazil to Pakistan and the baksheesh flowed. Or so say Pakistan's anti-corruption prosecutors although the World Bank dismissed the allegations. US power buccaneers, led by Southern and Texas companies Enron, Reliant and TXU, grabbed plants and wires on every continent save Antarctica.
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