Regulation on the part of legislators was lacking.
Regulation on the part of corporations was lacking.
Nobody thinks people are capable of self-regulation.
The Corporations have competitors, and their malfeasance is limited by customer flight.
The States compete with each other, and their malfeasance is limited by citizen flight.
The Federal government has almost no power to tax, and a strictly limited set of powers.
Or not.
posted at: 05:31 | path: /economics | permanent link to this entry