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SyndicalistCPA t1_j3w4kxq wrote

Reply to comment by Brudesandwich in Gov. Murphy proposes ending NJ's cap on liquor licenses. by Brudesandwich

On top of that, they've enjoyed years of limited competition.

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Jahooodie t1_j3wjbp1 wrote

In before this sub's capitalist fat cat apologists come to this thread with "well the market is the market"

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Blecher_onthe_Hudson t1_j3xpciq wrote

Big difference between Capitalism and 'rent seeking', though the rent seekers spend a lot of effort trying to blur it.

My favorite podcast episode ever is 2 academic Libertarians arguing about whether Capitalism is inevitably corrupt and devolves into crony capitalism, and after an hour they basically gave up and conceded. They said any corporation that grows large enough reaches a point where the next dollar is better invested in "rent seeking", (e.g. buying influence, market protection and subsidies), rather than just growing their business. Any CEO who didn't do it would be replaced by the shareholders, or the company would be bought by investors recognizing it was "underperforming". Of course being Libertarians, their only solution is having a government so small that it can't hand out goodies. https://www.econtalk.org/michael-munger-on-crony-capitalism/

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