Just last week, Elon argued against a different legal monopoly, for national security launch services by the Boeing-Lockheed joint venture. [1] It's amazing how much building a new company in a supposedly free market requires arguing against politicians who claim to champion free market economics, but who actually use government to give cushy monopolies to incumbents with big lobbying budgets. "Crony capitalism" isn'…
Why isn't Crony Capitalism an accurate term for this? Seems like exactly the term to me.
> In public choice theory, rent-seeking is spending wealth on political lobbying to increase one's share of existing wealth without creating wealth. The effects of rent-seeking are reduced economic efficiency through poor allocation of resources, reduced wealth creation, lost government revenue, national decline, and income inequality. Current studies of rent-seeking focus on the manipulation of regulatory agencies to gain monopolistic advantages in the market while imposing disadvantages on competitors.