Deregulation from "summary" of The Unwinding by George Packer
Deregulation was the rallying cry of the free-market revolutionaries. They believed that government intervention in the economy was the root of all evil. Regulations were seen as unnecessary burdens on businesses, stifling innovation and growth. The solution, they argued, was to remove these obstacles and let the market work its magic. The deregulation wave began in the late 1970s and reached its peak in the 1980s and 1990s. One by one, industries that had been tightly controlled by government regulations were set free. Airlines, telecommunications, banking - all were deregulated in the name of efficiency and competition. The idea was that with fewer rules and restrictions, companies would be able to operate more freely, leading to lower prices and better services for consumers. But the reality was quite different. Without regulations to keep them in check, many companies engaged in risky behavior, putting profits ahead of the well-being of their customers and employees. The financial industry, in particular, took advantage of the lack of oversight to engage in reckless speculation and fraud. The result was the financial crisis of 2008, which brought the economy to its knees and exposed the dangers of unchec...
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