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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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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Replying to @vgr
And I don't think the political class is less risk averse - I think they are better insulated from the impacts of the decisions, so have less personally at risk when making stupid calls.
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Yeah, except when the risks affect elections. Like Republicans would rather let businesses impose mask mandates individually than do it themselves at a public level because it’s an election losing issue for them.
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