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The monopoly on Taxi medallion issuance is held by the state. And it's a proof that centralized economy planning doesn't work. There are issues with not enough
by tudorconstantin 9y ago
The monopoly on Taxi medallion issuance is held by the state. And it's a proof that centralized economy planning doesn't work.
There are issues with not enough taxis in US, in UK, in Germany, in Romania and everywhere where the state decides how many taxis people need.
Centralized economy planning is an attribute of communism and big gov, not of capitalism.
Uber and Lyft are the fruit of what you call "crony capitalism" and they seem to actually solve the issue of not enough taxis available and try to obtain a hefty profit while doing it.
- ergothus 9y ago> The monopoly on Taxi medallion issuance is held by the state. And it's a proof that centralized economy planning doesn't work. I (heartily) agree with the first statement, but the second seems too sweeping. We can easily find industries where free market capitalism "doesn't work" and plenty of portions of an economy that seem to function well under centralized planning. Governments fall prey to corruption, but companies are notoriously short sighted and eagerly exploit the commons, and both embrace hubris.