> Maybe it's because I'm cynical, but I assume that's how lots of American industry is run. It largely depends on the degree of regulatory capture (which, cont

> Maybe it's because I'm cynical, but I assume that's how lots of American industry is run. It largely depends on the degree of regulatory capture (which, contrary to the views of many, isn't directly dependent on the amount of regulation per-se). Different sectors vary considerably. Passenger rail and agriculture are, IMO, the worst examples in the US.