There Is No 'Good Regulation'

For an unapologetic capitalist, it's particularly frustrating when an allegedly pro-capitalist politician lacks the intellectual ammunition to adequately defend the free market. Concessions to statist opponents provide the illusion that statists have the moral upper hand. This is especially self-defeating when a politician -- a successful capitalist in his private life who should recognize the dangers of statist principles -- is reduced to merely quibbling over good and bad applications of an inherently pernicious principle. Mitt Romney was just such a politician in the last election. While arguing against the hyper-regulation embodied in Obamacare and Dodd-Frank during the first presidential debate, Romney simultaneously conceded: "I mean, you have to have regulations so that you can have an economy work. Every free economy has good regulation." Notice that no indication of what constitutes "good regulation" is given, nor is any moral or political justification provided. It is...(Read Full Article)