The idea that less regulation is better for the economy has held sway in Washington since the Reagan administration. Now that consensus is crumbling, posing a potentially costly challenge to business no matter who wins the White House in November. The crisis in the nation's housing market, the recent turmoil on Wall Street and a series of safety scares involving food, drugs and toys are driving both political parties to reconsider how much companies and markets should be relied upon to police themselves. (Wall Street Journal, Monday)
The foundation of the regulatory state — privilege and protection — has never been touched.
FEE Timely Classic
Regulation by John A. Pugsley