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> you never have a real free market on the railways, highways, or electricity grid

My philosophy is to have a system that monitors innovation done in a sector and if it is deemed insufficient we turn it into a government department (and pay a reasonable price) The government department is compared to private industry in other countries, if performance is deemed insufficient it will be privatized. (with privatized I don't mean given away for 1 euro) It should continue to have the same employees after the transition unless it switches between public and private and back to fast. Then people should be replaced and shuffled around at all levels.

To use the railroad example, if the company is able to find funds to stay on the cutting edge technically, in service level, price and reliability it should [most definitely] stay a company. If it is just sitting there not doing much of anything besides maximizing revenue we might as well have the government run it.

If we really need the service (as is the case with railroads) and it needs bailing out we give each tax paying person or entity an amount of shares that scales with the amount of tax they paid.