Guilt by Association

Guilt by Corporate Association por Steven Horowitz:

Those of us who think deregulation and increased competition are good do so not because we want to enrich the firms in those markets, but because we want to see the benefits of competition available to everyone, especially the poor for whom lower prices matter most. Specifically, I support Walmart’s right to open a store in an urban area not because I think it’s good for Walmart, but because I want its low prices and above-minimum-wage jobs to be available to the residents of those neighborhoods. Competition is a positive-sum game: If Walmart profits, it’s because they better served consumers.

The left needs to realize that corporations often support more regulation, not less. Never forget Horwitz’s First Law of Political Economy: “No one hates capitalism more than capitalists.” Real competition makes firms work hard and earn every penny; where competition is restricted, firms can frequently profit much more easily.