Incumbents vs insurgents

Economist Joseph Schumpeter viewed relentless and brutal competition as the most important feature of capitalism because it made the economy “like a hotel that was always full but the people keep changing”. But regulatory complexity, bulk, and overreach sabotage Schumpeter’s continuously changing hotel and instead create what the Eagles’ song, Hotel California — a place where “you can check out any time you like, but you can never leave”.  Regulatory cholesterol blunts competition and favours incumbents (established, large companies and conn.....

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