Holman Jenkins on Regulation-induced Economic Stagnation

The man of the hour:

When some hear the word “regulation,” they imagine government rushing to the defense of consumers. In the real world, government serves up regulation to those who ask for it, which usually means organized interests seeking to block a competitive threat. This insight, by the way, originated with the left, with historians who went back and reconstructed how railroads in the U.S. concocted federal regulation to protect themselves from price competition. We should also notice that an astonishingly large part of the world has experienced an astonishing degree of stagnation for an astonishingly long time for exactly such reasons.
. . .
The nature of the modern regulatory state everywhere is to be hard on those trying to do anything new. In this way at least, the quaking North African regimes have been thoroughly modern.

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