Competition Cures Crony Capitalism and Drives a Meritocratic Economy

Big businesses that don’t need to deal with competition develop not only flab but a corrupt culture, in which managers advance workers not by merit but cronyism and nepotism.

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Until the mid-1970s, U.S. regulation protected American banks by banning competition between the states. Banks were prohibited from opening branches in other states and many became local monopolies. In 1975, a...