Back to Atomic Laissez Faire

Lest we forget that deregulation was a project of the left, not just the right, here is Marxist legal historian Morton Horwitz in 1984: Almost nothing in the antitrust debates supports what would soon become Theodore Roosevelt’s new conservative distinction between “good trusts” and “bad.” Roosevelt was operating under a newly emerging view that corporate […]

Bigness and Farce

The key point Brandeis missed, says McCraw, was that while in all fields tighter forms of combination were attempted, their potential success ultimately depended on the technological and managerial limitations and possibilities uniquely inherent in each particular industry. In some industries, large, tight combinations had tremendous potential; in others, they were bound to fail under […]

Begging Markets

In a world in which there were no government, firms would be forced by competition to do things that are bad for the world, that even the firms themselves realize are bad and do not really want to do, and our only hope for salvation would be that firms choose not to do those things, […]

The Chinese Nile Part N+2

Big ideas flow to countries that think big: TerraPower also suffered a setback in October when the Energy Department effectively killed any chance of building a demonstration reactor in China. The department announced measures to prevent “China’s illegal diversion” of U.S. civilian nuclear technology for military purposes. Three years earlier, TerraPower had unveiled an agreement […]

Flying 20/20

Frank Lorenzo, head of Texas International Airlines: [I]f the Aviation Act of 1975[, which deregulated the airlines,] goes into effect, we will, over a period of years, end up with a couple of very large airlines. There will be many small airlines that will start up here and there, but they will never amount to […]