Utilities

For much of the early history of the United States, projects like the Water Works were often private sector initiatives. But given the inherent unpredictability about the success of these projects, in our age of nearly universal government control it seems inconceivable that such an undertaking could be funded, built, and operated equitably by profit-driven private companies. But in those days they were.

For example, the New York City subways were largely built by private companies and were operated outside of city control for almost four decades. Despite the staggering construction costs, the railroads were able to operate at a profit. What's more, the fare never went up in 40 years.

— Peter Schiff; How an Economy Grows and Why It Crashes

These days, it's very easy to convince voters that large public amenities—like sewers, highways, canals, and bridges that are meant to benefit everyone—need to be run by the government. Politicians have successfully argued that private companies, which are motivated solely by profit, would exploit the public at the earliest opportunity.

The evidence supporting these claims is largely emotional. What is far more certain is that the government's monopoly control of public projects and services almost always leads to inefficiency, corruption, graft, and decay.

— Peter Schiff; How an Economy Grows and Why It Crashes