Money & the State
The Human Capital Lag
Why privatization and deregulation do not produce immediate competition
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About this book
Privatize a state monopoly or lift a regulation, and competition is supposed to follow. Often it takes years, and critics read the delay as proof that markets have failed.
Ortega argues that the missing ingredient is human capital: the managers, engineers and entrepreneurs who know how to run a competing business take time to appear. He explains why the lag happens, and why it is not an argument against reform.
Only from the publisherThe Complete Essays in Liberty19 ebooks.
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