Ronald
Reagan once said the nine most terrifying words in the English language are:
“I’m from the government and I’m here to help”. The Economist recently voiced the equivalent
‘Reaganesque’ threat, most relevant to enterprises like Nalcor: “I’m from a state-owned firm
and I want your capital”.
The newspaper,
consistently insightful, noted state owned enterprise (SOE) share of global
market capitalism has shrunk from a peak of 22% in 2007 to 13% today. The
problem is not just Nalcor; it is international.
Nalcor doesn't always have to be our problem.
It offers
no public policy role that is not available through the private sector. The SOE had the opportunity, not lacking
money, to change NL into a modern, technically advanced and cost competitive
electricity market. But, the talent was never in their genes.
