Market forces

Seemingly there is an “almost total dearth of critical appraisal of the Wood Review” published recently (Energy Scotland, 21 May). It urges companies in the North Sea to “collaborate” and gives a bigger role to government.

Perhaps the “dearth of critical appraisal” is caused by the shock of the economic model seemingly advocated.

It appears to retreat entirely from the American business model (ABM) accepted more or less throughout the world.

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Free markets, low taxation, minimal government interference and self-interest are it hallmarks. Can’t the success of the North Sea oil and gas industry be attributed to so-called neo-liberalism? Now one of the North-east’s most successful oil and gas
millionaires suggests a “collectivist economic model”.

Perhaps this pragmatic
approach will work but much depends on global geopolitics and supply and demand.

Arguably, as one of the
proponents of the “Washington consensus” once said, “you can’t buck the markets”.

Ellis Thorpe

Old Chapel Walk