We’re headed for an economic system in which many industries have a handful of large, cartelized businesses— think 6 big banks, 5 big health insurance companies, 4 big energy companies, and so on. Sure, they are protected from competition. But the price of protection is that the businesses support the regulator and administration politically, and does (sic) their bidding. If the government wants them to hire, or build factory in unprofitable place (sic), they do it. The benefit of cooperation is a good living and a quiet life. The cost of stepping out of line is personal and business ruin, meted out frequently. That’s neither capture nor cronyism.True, the technical name for this system is fascism. It's the same relation to government I.G. Farben and Krupp had with the Third Reich. When the system falls, Nuremberg rules may apply to survivors.
Hat tip to Instapundit for the link. N.B. Cochrane isn't a careful proofreader.
