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Sun Jan 10, 2021, 03:44 PM

A Stanford finance professor explains why there's no such thing as 'deregulation'

no matter what politicians claim

It's quite possible that the greatest trick that trickle-downers ever pulled was framing the battle over government's relationship to business as regulation versus deregulation. It sounds simple, a binary choice between all or none: Either you want businesses to be regulated, or you want to deregulate the market. "Deregulation" in this context sounds sleek, minimalist, and freeing, while "regulation" sounds cumbersome and complicated.

But here's the dirty little secret about deregulation: It doesn't really exist.

There's no such thing as "fewer regulations," only a shell game that shifts ownership of regulations from one authority to another. What we call "deregulation" simply stands for a belief that corporations should act only in ways that suit their preferences - with no consideration for anything beyond shareholder value.

In other words, human activity within a society is always regulated - the only question is who's doing the regulating.

All that really changes when, say, the Trump administration moves to roll back regulations on oil drilling in the Alaskan Arctic, is that the government cedes control over drilling regulations, handing the reins to the oil industry. While the government's regulations sought to protect unspoiled public lands, the oil industry's "regulations" seek to enrich shareholders and executives at the public's expense by exploiting irreplaceable environmental resources in exchange for a quick buck.

https://www.yahoo.com/news/stanford-finance-professor-explains-why-174500116.html

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