I read somewhere that in the early Reagan/Thatcher years, business leaders (not just labor) were so used to a regulated economy, they resisted deregulation. Took a new generation of risk-taking entrepreneurial leaders for the business world to become champions of deregulation.
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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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End of conversation
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There seems to be precedent in the failed merchant empires of both the Dutch and English East India Companies. Upside all kept by the merchants, but when things went belly up around 1800 their frankenfirms were so large that tax payers had to step in.
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