3 ms·
A system that crosses its fingers and hopes "people will do the right thing" will always fail. These systems are games that will be played. If you can make more
by phailhaus 4y ago
A system that crosses its fingers and hopes "people will do the right thing" will always fail. These systems are games that will be played. If you can make more money by making one of these dangerous moves, someone will do it. And if there aren't laws against it, someone will always do it even if the established players won't. (not to say laws perfectly prevent all crime, but the rate is much higher without them)
Just look at crypto, speedrunning the history of finance and rediscovering all the fraud you can commit when there are no regulations, and at massive scales affecting millions of people. Just because established banks learned their lessons hasn't meant new players would, so a world without regulation will continuously experience these tragedies.
- corbulo 4y agoThats a very culturally specific issue. If you have a low-trust culture you're absolutely correct. If you have a different kind of culture, such as in Japan, thats incorrect. Finance is a great example sector in your favor because it is so heavily internationalized(therefore basically no one feels patriotic/nationalistic about their work) and greedy. National industries like freight would be much more likely to embrace cultural features of their country.
- booleandilemma 4y agoEh I don't know. People are people and when pressed they're going to respond the same way. Look at Germany and the Volkswagen emissions scandal that happened a few years ago. German engineering excellence, yeah right. https://www.bbc.com/news/business-34324772 https://www.bbc.com/news/business-34324772 https://en.wikipedia.org/wiki/Volkswagen_emissions_scandal https://en.wikipedia.org/wiki/Volkswagen_emissions_scandal
- corbulo 4y agoI think that scenario is actually the opposite of the train regulatory environment. Cars have been really overregulated for years(how many major car brands are new in the last 50 years?). I've worked on post-2000 cars; it's not far fetched to me to believe that emission standards became unrealistic. The whole industry was in on that scandal. Whats unusual to me looking back now is how much the press cared about that vs. east palestine/train regs.
- phailhaus 4y agoYou can't rely on "culture" because that's completely unquantifiable and squishy. Given enough time, culture will change. At what point do you go "okay, this culture requires us to update our laws"?