The idea that "regulation", i.e., 'fair rules for competition' is essential for the successful operation of any complex and dog-eat-dog process should be elementary was dismissed by both our recent Republican and Democratic governments (Adam Smith insisted on this even though he advocated the "invisible hand" doctrine of the market). A bill of goods was sold to the public that boggles the mind.
The line was: complete deregulation will lead to a Darwinian struggle in which the cream will rise to the top and the massive gains will trickle down and stabilize society.
No. The law of the jungle is a constant and history teaches us this.
Click here for an interview with William K. Black.
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