> 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 fi

> 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.