They can also hire the regulators. Companies with first movers advantage build huge moats before industries get regulated, once they do those moats give them d

They can also hire the regulators. Companies with first movers advantage build huge moats before industries get regulated, once they do those moats give them de facto primacy in their field. I would actually point at regulation for most of the modern maladies we suffer, typically property rights, particularly IP, if only because we're oriented towards services now.