History shows that the Baptists are naive ideologues, the Bootleggers are cynical operators, and so the result of reform movements like these is often that the Bootleggers get what they want – regulatory capture, insulation from competition, the formation of a cartel – and the Baptists are left wondering where their drive for social improvement went so wrong.
Example – banking reform after the 2008 global financial crisis. The Baptists told us that we needed new laws to break up the “too big to fail” banks. The Dodd-Frank Act was co-opted by big banks who are now even bigger.
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Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
Mark Andreessen packs so much in this rebuttal of AI doomerism. A pleasure to read.
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