“The successful sale of British Telecom…reveals a vast and untapped yearning among ordinary people for a direct stake in the ownership of British enterprise. Investment in shares has begun to take its place, with ownership of a home and either a bank or building society deposit, as a way for ordinary people to participate in enterprise and wealth creation. We are seeing the birth of people's capitalism.”

— Nigel Lawson

On the privatisation of BT (November 1984), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), p. 224.

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Nigel Lawson 22

British Conservative politician and journalist 1932

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“1989 will be remembered for decades to come as the year when half the people of half our continent began to throw off their chains. The messages on our banners in 1979—freedom, opportunity, family, enterprise, ownership—are now inscribed on the banners in Leipzig, Warsaw, Budapest and even Moscow…In 1979, we knew that we were starting a British revolution; in fact, we were the pioneers of a world revolution.”

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“If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.”

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Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 39

“Enterprises, such as banks, railways and airlines, whether Chinese-owned or foreign-owned, which are either monopolistic in character or too big for private management, shall be operated and administered by the state, so that private capital cannot dominate the livelihood of the people: this is the main principle of the regulation of capital.”

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“Socialism is, in its essence, an attack not only upon British enterprise, but upon the right of the ordinary man or woman to breathe freely without having a harsh, clumsy, tyrannical hand clapped across their mouths and nostrils. A Free Parliament—look at that—a Free Parliament is odious to the Socialist doctrinaire.”

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“All the alleged key causes of SOE [State-Owned Enterprise] inefficiency—the principal-agent problem, the free-rider problem and the soft budget constraint—are, while real, not unique to state-owned enterprises. Large private-sector firms with dispersed ownership also suffer from the principal-agent problem and the free-rider problem. So, in these two areas, forms of ownership do matter, but the critical divide is not between state and private ownership—it is between concentrated and dispersed ownerships.”

Ha-Joon Chang book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

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“The Yankee invasion had come to England well heeled with American dollars. American privates earned three times as much as their British companions. A U. S. staff sergeant's take-home pay equaled that of a British captain. Since such a substantial share of this wealth was invested in local courting, it is no wonder that Britain's provincial customs were given a fancy whirl. Indeed, it is a tribute to the civility of the British that they endured us with such good will.”

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Source: A Soldier's Story (1951), p. 238.

“Owners are the shareholders, living outside the process of production, idling in distant countryhouse and maybe gambling at the exchange. A shareholder has no direct connection with the work. His property does not consist in tools of him to work; with his property consists simply in pieces of paper, in shares of enterprises of which he does not even know the hereabouts. His function in society is that of a parasite. His ownership does not mean that he commands and directs the machines; this is the sole right of the director. It means only that he may claim a certain amount of money without having to work for it. The property in hand, his shares, are certificates showing his right - guaranteed by law and government, by courts and police - to participate in the profits; titles of companionship in that large Society for Exploitation of the World, that is capitalism.”

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“We are all agreed on a massive extension of public ownership…We are all agreed on establishing comprehensive planning control over the 100 or so largest companies in Britain. We are all agreed on the need for a national enterprise board to organise and extend public ownership in the profitable manufacturing industries.”

Denis Healey (1917–2015) British Labour Party politician and Life peer

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“Thomas Jefferson dreamed of a land of small farmers, of shop owners and merchants. Abraham Lincoln signed into law the “Homestead Act” that ensured that the great western prairies of America would be the realm of independent, property-owning citizens-a mightier guarantee of freedom is difficult to imagine.
I know we have with us today employee-owners from La Perla Plantation in Guatemala. They have a stake in the place where they work and a stake in the freedom of their country. When Communist guerrillas came, these proud owners protected what belonged to them. They drove the Communists off their land and I know you join me in saluting their courage.
In this century, the United States has evolved into a great industrial power. Even though they are now, by and large, employees, our working people still benefit from property ownership. Most of our citizens own the homes in which they reside. In the marketplace, they benefit from direct and indirect business ownership. There are currently close to 10 million self-employed workers in the U. S.-nearly 9 percent of total civilian employment. And, millions more hope to own a business some day. Furthermore, over 47 million individuals reap the rewards of free enterprise through stock ownership in the vast number of companies listed on U. S. stock exchanges.
I can’t help but believe that in the future we will see in the United States and throughout the western world an increasing trend toward the next logical step, employee ownership. It is a path that befits a free people.”

Ronald Reagan (1911–2004) American politician, 40th president of the United States (in office from 1981 to 1989)

Speech on Project Economic Justice http://www.cesj.org/about-cesj-in-brief/history-accomplishments/pres-reagans-speech-on-project-economic-justice/ (The White House, 3 August 1987)
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Harold Innis (1894–1952) Canadian professor of political economy

Conclusion, p. 401.
The Fur Trade in Canada (1930)

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