In January, I wrote about President Donald Trump on his first day in office signing an executive order that appeared designed to help implement his express desire to roll back many of the United States government restrictions imposed over the last few decades that have limited Americans’ choices for products used in their homes. Three months later, it looks like the Trump administration is following through in a significant way toward accomplishing this objective.
The choices Americans make about the products they use in their homes can seem trivial in comparison to matters like violent crime, diseases, and war. Yet, these choices are in fact very important. Consider the days of the Cold War when Americans were thankful that they could make many choices in this regard while the average person in the Soviet Union was limited to inferior conditions, scarcity, and limited choices.
Last Thursday was Independence Day, commemorating when delegations from the thirteen colonies approved the Declaration of Independence. Often overlooked today is that the Declaration of Independence asserted the independence of each colony as its own nation — a state. The Declaration of Independence did not assert the existence of an overarching nation of the United States of America.
Regulatory capture is a phrase used to describe when a government agency charged with placing limits on businesses becomes influenced or directed by some of the very businesses it is tasked with restraining. As a result, the businesses that do the capturing can obtain increased profits through the government bureaucracy taking actions such as providing them with favorable treatment and imposing barriers to competitors.