As Adam Ferguson wrote, in one of Hayek’s favorite quotations: “nations stumble upon establishments which are indeed the result of human action, but not the execution of human design”. As an example from American history, we tried laissez-faire capitalism in the 19th century, ran into serious problems with burgeoning monopolies, and took a cure of populist progressivism, which became part of our system following the Depression.
With regard to the railroads disregard of public safety as they haul toxic crude oil, a stiff dose of regulation is just what the doctor orders.
As Adam Ferguson wrote, in one of Hayek’s favorite quotations: “nations stumble upon establishments which are indeed the result of human action, but not the execution of human design”. As an example from American history, we tried laissez-faire capitalism in the 19th century, ran into serious problems with burgeoning monopolies, and took a cure of populist progressivism, which became part of our system following the Depression.
With regard to the railroads disregard of public safety as they haul toxic crude oil, a stiff dose of regulation is just what the doctor orders.