Sure, over regulation may be bad, but so is under regulation. And it's arguably under regulation that has lead the USA to be "ahead" of the EU if you only look at economic as the only measure, just as China has done with even poorer conditions for workers than in the USA (which is still poor).
With both those as examples, the wealth from these under regulated industries is created faster, but with majority of it going to the government (China), or CEO's/shareholders (USA). Neither are good for the average person at the extreme levels we see in those examples, and balances need to be made. Hence regulation (OHS, fair pay, etc), and in the case of China, democracy and transparency.
The balance means that no one individual can accrue absurd amounts of wealth (Gates, Musk, etc), while still encouraging investments, while tax then brings that back into the society to benefit everyone, not just the few.
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