I'd like to add to this that regulatory capture isn't some benign cancer. I read a really good piece on the history of the Venezuelan economy recently, and a si

I'd like to add to this that regulatory capture isn't some benign cancer. I read a really good piece on the history of the Venezuelan economy recently, and a significant factor in their failure as a liberal state and decline into socialism was regulatory capture. Capitalism only works when monopolies are fought/busted. Regulatory capture does the opposite, and in turn tarnishes people's impression of capitalism. I think this should really give a strong impression. Venezuela went from one of the most prosperous nations in the world to what is likely now the worst place in the world for a poor person to live in, and it only took a few decades. There's no reason the US is immune to the same fate, and it started long before socialism with things like regulatory capture. "The Venezuelan economy has a profusion of restrictions and impositions on businesses, particularly in the areas of labor and new business formation. Only the big, well-established companies can afford the high regulatory burden. This is consistent with George Stigler’s (1971) insight on regulatory capture, which abets government creation of monopolies stymieing competition. Further, the high levels of informal or underground economic activity in Venezuela are consistent with existence of a high regulatory burden (see Diaz and Corredor 2008). Unsurprisingly for such a setting, corruption is rampant." [1] [1] https://econjwatch.org/articles/venezuela-without-liberals-there-is-no-liberalism https://econjwatch.org/articles/venezuela-without-liberals-t...