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Thursday, September 6, 2012

Crony Capitalism in the U.S. Energy Industry: A Brief Review

America’s energy industries (oil, gas, electricity) have been a bastion of crony capitalism for much of their history. Leading gas and electricity firms sponsored state and then federal public-utility regulation during the Progressive Era and New Deal. Like other so-called public utilities, they welcomed the prospect of making commission-approved “reasonable” profits in an entry-restricted environment rather than taking their chances in open-entry markets.
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Judy Morris,
Blogger, THL
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