Excerpt
Excerpt
Ruling From the Shadows. Karthik Ramanna, November 21, 2015, Opinion. “We’ve come to expect bickering from our politicians. We’re often exasperated by this state of affairs and sometimes we yearn for a quieter, gentler age, when compromise wasn’t a dirty word. But the raucous rivalry in Washington has its benefits: a political process thick with competition. By contrast, political competition in other important parts of our democracy is worrisomely thin. Narrower interests that would otherwise find themselves straining to shape political outcomes often prevail unchallenged. Somewhat perversely, we may well be better off when politics is a bazaar of ideas and incentives. Consider the technical regulations that govern capital markets — the tedious but critical details that determine how companies account for profits, whether banks have as much capital as they say they do, and how insurance and pension entities should measure their obligations …” Link