State ownership is not a good way of controlling funds  The ownership of important businesses by sovereign wealth funds runs counter to the economic policy pursued by almost every government over the past 25 years. In the 1970s many states owned nationalised industries as part of an attempt at socialist economic planning that has now been discredited. State ownership distorted incentives, interfered with management and produced decades of underinvestment, poor service to consumers, and national economic failure with the most extreme example being the Soviet Union itself. Since the 1980s countries everywhere have followed the example of Thatcher’s Britain and privatised their industries, freeing them to compete efficiently and to generate more wealth and jobs than they had ever done in state hands. Going back to state ownership of business is a dangerous backward step, especially as it is now foreign governments that are doing the nationalising.