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The benefits of maintaining openness in competition—with no legal restrictions on freedom of entry, product design, or on the terms and conditions for which parties could contract with one another—have long been rejected by major business organizations more concerned with the survival of individual firms and industries. The phrases ‘laissez-faire’ and ‘invisible hand’ that once articulated an awareness of the conditions under which prosperity might prevail, have been replaced by the dogma ‘too big to fail,’ that have allowed modern governments to ‘bail out’ failing firms with gifts of hundreds of billions of dollars! (en) |