> The fund collects and invests proceeds from the extraction of oil and minerals in the state. This is not at all "Socialism". BTW, state-owned factories almost always failed (numerous examples in 20th century Europe).
> BTW, state-owned factories almost always failed (numerous examples in 20th century Europe). Industrial factories, yes. Local utilities seem to do well enough in Europe. I wonder if there's a principled difference?
Utilities, on the other hand, are a natural monopoly inherently tied to a geographic location. They're not producing a "product", but instead a commodity that's the same for all customers. Many utilities are mostly forms of "road" - they just happen to be wire-shaped or pipe-shaped roads.
Note the mostly. Telecoms and electricity have two parts: the central, complex, services; and the big mostly-dumb network.