[lbo-talk] London Underground's Privatization Experiment Dead as Remaining PPP is Bought Out

[James Heartfield]

It is not quite true to say that PPP represented the 'privatisation' of the underground. The PPPs were never really privatised companies, but more like mercantile corporations that were wholly dependent on state support - and indeed were created by the state. 

More than that, Ken Livingstone, who Jordan has railing against PPPs had his own version of the same thing, which was bonds raised on future LU income.

I had a go at explaining the weirder dynamics of the PFI policy, here: http://www.metamute.org/content/state_capitalism_in_britain