Can Killing Government Prevent Special Interest Capture?

In my last post on meat markets and securities markets, I argued that competitive markets require government oversight to prevent fraud and monopoly. The post drew a response from Libertarian friends: didn’t I know that government regulators would immediately be captured by the regulated industry, resulting in worse fraud and monopoly?

Industry capture? Yes, . . . → Read More: Can Killing Government Prevent Special Interest Capture?

From Public Meat Markets to Derivatives Markets: A Lesson from Old New York

Starting in the Colonial Era, New York, Boston and Philadelphia required all fresh meat to be sold by licensed butchers in regulated public markets. New York abandoned public markets in the 1840’s, with disastrous effects on public health. A working paper[1] by economic historian Gergely Baics lays out the story:

Travel back in time to . . . → Read More: From Public Meat Markets to Derivatives Markets: A Lesson from Old New York