Quoting ‘Political Capitalism: Risky Business’ by Robert Bradley

American political economist William Graham Sumner more than a century ago cautioned against what today would be called the politicization of economic relations. Regulation to “control … interests” did not level the playing field but resulted in “more crafty and secret modes of action” by private enterprise. The “lamentable contest” between government officials and business lawyers to shape regulation and operate under it was one reason that the effects of regulation could be “far other than those which were expected and intended.” His answer was to “minimize to the utmost the relations of the state to industry.”[1]

via Institute for Energy Research | Political Capitalism: Risky Business.

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