Raw LLM Responses

Great Depression (1929): this led to the so-called New Deal policies (e.g. regulation of the banking system, social safety net)..... 2008 financial crisis: also made it clear that the “market will regulate itself” view is wrong. The Dodd-Frank Act and other regulations tried to reverse this..... The antitrust laws (Sherman Act, 1890; Clayton Act, 1914) were designed to prevent monopolies and cartels, so that competition would be maintained and small firms would have a chance - although their use has weakened in recent decades..... People are selfish when it comes to big money and corporations are even more selfish. Responsibility is obscured by the existence of the limited liability company.... Without regulation, there would be no abolition of child labor, no working time limits, no minimum wage, no environmental protection. They are still being violated in many cases.... And globalization competition is generating a deregulation spiral. Countries have competed for multinationals, so there has often been a ‘race to the bottom’ - with companies favoring countries with lax regulation. This was particularly true in areas such as taxation, environmental or labor law. Then there are the political incentives for short-term economic gains. Deregulation often brings short-term profit gains that are politically popular. But the long-term damage (e.g. environmental destruction, social inequalities, financial bubbles) comes later. I guess the political elite will scratch their heads when AI tech turns communities' lives upside down.... and not before, as they are rolling with cash until then.