I can’t find a source for the quote at the moment, but I remember reading that F. A. Hayek once said something along the lines of “The greatest enemy of capitalism is the capitalists.”
Hayek was right. Capitalists in a mixed-economy seem to be in something analogous to a prisoner’s dilemma. It would benefit any individual capitalist to seek monopoly privileges for their own firm, but it hurts all of them if any significant number of them do so.
I can’t find a source for the quote at the moment, but I remember reading that F. A. Hayek once said something along the lines of “The greatest enemy of capitalism is the capitalists.”
Hayek was right. Capitalists in a mixed-economy seem to be in something analogous to a prisoner’s dilemma. It would benefit any individual capitalist to seek monopoly privileges for their own firm, but it hurts all of them if any significant number of them do so.
Not to mention this.