The belief that privatization inherently advances freedom is not only overly simplistic—it is historically indefensible. Far from being bastions of liberty, private corporations have at times been among the worst violators of human rights. Some of history’s most exploitative systems of slavery were not the result of feudal tyrannies or authoritarian regimes but were driven by private enterprises operating under the banner of commerce and profit.
Institutions like the British East India Company, the Royal African Company, and the Dutch West India Company—respected and even celebrated in their time—trafficked in human lives while amassing vast political and economic power. These were not outliers; they were emblematic of an era where profit was pursued without ethical constraint. Their legacies serve as a sobering reminder: privatization is no guarantee of liberty. When left unregulated and unaccountable, private enterprises can be just as oppressive as despotic governments or feudal warlords.
This historical insight invites us to question the assumptions underlying modern economic orthodoxy. Is economic success truly the product of private ownership and unregulated markets? Or is it better explained by the presence of strong institutions, effective governance, and coherent national strategies?
China presents a striking counterpoint to the conventional wisdom of free-market supremacy. Despite being a one-party authoritarian state, China has witnessed the fastest economic transformation in modern history. Its rise to the status of the world’s second-largest economy has been driven not by liberal democracy or laissez-faire capitalism, but by long-term planning, centralized control, and strategic reforms. Crucially, state-owned enterprises have played a central role in this transformation—demonstrating that public ownership, under the right conditions, can be both efficient and globally competitive. China's experience challenges the idea that prosperity depends on privatization; instead, it underscores the importance of institutional stability and visionary governance.
Even in the supposed heartland of free-market capitalism—the United States—the notion of an open and competitive market economy is more illusion than reality. American capitalism is deeply skewed in favor of large multinational corporations that often operate in lockstep with political and bureaucratic power. The lines between government and corporate America have blurred to the point of indistinction, creating a system where policy is routinely shaped by lobbyists and campaign donors rather than public interest.
While these multinational giants enjoy deregulation, tax privileges, and global reach, small and medium-sized businesses are burdened with red tape, compliance costs, and structural disadvantages. In this landscape, the promise of equal opportunity through market competition is hollow. What emerges instead is an entrenched oligarchy—where wealth translates into power, and power perpetuates privilege.
U.S.-style capitalism does not represent the triumph of freedom. It is increasingly the fountainhead of global oligarchy—producing economic dynasties that seek not only to dominate markets, but to influence politics, control narratives, and shape the rules of the game to their advantage. The idea that market forces will spontaneously align with public good is not only naive—it has been consistently disproven by history.