Comment by mlyle
4 hours ago
> [2] it becomes rapidly less fine when the company essentially has a monopoly over a system requires to participate in modern life, but that's a different topic...
That's the real thing here. Concentrated power is scary-- whether it's the federal government, Visa/Mastercard, Google, etc.
At least power concentrated under the control of a government might be held accountable to the people. With private, concentrated power: fat chance.
I'm working on making it a thing, but my theory is that power can't be destroyed, merely transferred, and in most cases I'd rather have the power be vested in a democratic government.
Suppose an asteroid strikes the Earth and all human life becomes extinct. What power, specifically, has been transferred, and to where?
The best option is it being decentralized and diffuse and operating through market mechanisms.
If that leads to bad outcomes, then government is a next best choice.
(Of course, all the special cases, natural monopoly, etc etc etc-- government has a role in addressing the bad outcomes associated with those).