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“Regardless of the direction of causation—whether corporations seek rents, and turn away from making better, cheaper products, or whether politicians sell rents as a way of accumulating power and influence—capitalism in a democracy is precarious. There must be rules, preferably at the constitutional level, that limit the ability of government to pick winners and losers, and to use subsidies or industrial policy to increase the accounting profits of corruption.”

https://www.econlib.org/library/columns/y2024/mungercapitalism.html