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Tuesday, August 26, 2003
Even the terminology "deregulation" betrays the lack of understanding of politicians of how our market system works.
Efficient markets don't just magically arise in an environment of no regulation.
Compare how well the chaotic Russian economy works against the heavily-regulated New York Stock Exchange.
Efficient markets arise in a clear framework of regulations that are strongly and consistently enforced.
That's why "power deregulation" didn't work.
The governments stuck their fingers in and turned it into power chaos.
Economist: Bring me your powerless masses