Elon Musk once scoffed at the notion that BYD could compete with his company. Now, the automaker run by billionaire Wang Chuanfu is poised to be the new No. 1 in electric vehicles.
I still don’t get it. Isn’t the point of capitalism and a market economy to have a constant “race to the bottom”, eg. a race to provide a better service for a lower price on the supply side? I mean, interfering with that would be picking winners and losers, wouldn’t it?
Usually governments regulate their markets to prevent humans from going full human and burning everything as a sacrifice to the gods of greed. This is why we have agencies that regulate food safety, engineering standards, nuclear materials and chemical disposal.
The phrase “regulations are written in blood” reminds us that a race to the bottom will result in massive problems, and that regulation is an excellent idea.
I still don’t get it. Isn’t the point of capitalism and a market economy to have a constant “race to the bottom”, eg. a race to provide a better service for a lower price on the supply side? I mean, interfering with that would be picking winners and losers, wouldn’t it?
Usually governments regulate their markets to prevent humans from going full human and burning everything as a sacrifice to the gods of greed. This is why we have agencies that regulate food safety, engineering standards, nuclear materials and chemical disposal.
The phrase “regulations are written in blood” reminds us that a race to the bottom will result in massive problems, and that regulation is an excellent idea.