Can’t recall source, but this was not mere cronyism or isolated protectionism. Those things continued uninterrupted under neoliberalism, just in different forms. This was genuine fear of an open economy/desire for paternalistic state involvement.
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Seems like the process is reversing itself. Now businesses are starting to actively seek regulatory oversight. And beyond what can be explained by wanting to put up moats against competition. There is genuinely a growing renewed appetite for more market supervision.
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My theory is that in general, the business class is much more risk-averse than the political class. It only *seems* to have more risk appetite during E(upside) >> E(downside) periods. The moment the pendulum swings back towards downsides, they want mommy and daddy to step back in
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Right now, I suspect the outgoing Trump regime is being kinda schizophrenic. Strengthening specific-market-protecting moats (which individual crony businesses like) but providing less generic economic supervision esp re Covid etc than I think businesses want.
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Point being, the uniquely bad condition of the US-UK axis is probably due to the uniquely strong embrace of the Reagan-Thatcherism. Not Anglo culture. The downside risk potato is tossed back and forth between state and business sector. Privatize gains/socialize losses system.
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Challenge today: you don’t want to continue neoliberal regulation models, but we don’t want to go back to LBJ era great society regulatory model either. You don’t want regulation that’s mainly around moats and bailouts, but you do want it around public-interest issues.
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Oddly I think we’re in a weird condition where most businesses would largely agree with this, but it’s politicians that want to continue the old regime. I don’t think there’s even much appetite for nationalist protectionism outside Luddite sectors. Only narrow China protection.
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Galbraith's New Industrial State is a pretty 'of its time' document for how business saw its relationship to the state and planning/stability in general – bargaining with workers for e.g. was seen as reducing the uncertainty of long-term costs https://en.wikipedia.org/wiki/The_New_Industrial_State …
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he even anticipated some kind of hybrid planned/market corporate entities would take over... but from '67 to '77 this kind of perspective goes from being somewhat mainstream to laying completely in tatters
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What about the Indian economy in and around 1991 liberalisation?
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