Free markets are extraordinarily – tightly – ceaselessly – impressively regulated. And nearly all of this regulation is spontaneous; it’s the result of the competitive market order. Unlike that species of regulation called “government regulation,” the kind of regulation that remains dominant in markets is not designed by government officials; it doesn’t amplify collective manias; it doesn’t treat consumers, workers, or business people as morons; and it’s not able to be captured and corrupted by special-interest groups. Nor is it one-size-fits all regulation. Call this regulation “competitive regulation.” It works so well and so smoothly that most people don’t even notice it, much less recognize it to be regulation-in-action.
quinta-feira, maio 30, 2013
Regulation through Competition
Regulation through Competition: