There are some good and bad reasons for this. For example, the deregulation of electric utilities in California in 1996 was an epic failure. Part of that was

There are some good and bad reasons for this. For example, the deregulation of electric utilities in California in 1996 was an epic failure. Part of that was due to the design of the deregulation scheme, but a lot of is was attributed to the perverse incentives of the free market.