There seems to be ever more corporatism these days—the use if government to advance special interests—and its failures are becoming ever more evident.
The Chevy Volt is dead and the Amazon deal is already in deep political trouble. Corporatism invariably fails because government is lousy picking winners and losers compared to the market. There is a great lesson in these two seemingly unrelated developments. It is that every big investment in corporatism is a likely future fiasco and it is always better to simply let markets work. That doesn’t generate graft, though, and so it continues, especially in the world of energy and environment.
No one can be blamed for imagining Andrew Cuomo should have learned something from the Buffalo Billion boondoggle and the SolarCity/Tesla hucksterism. Most people don’t know Andrew Cuomo, though. He’s arrogant, he’s greedy and he’s not especially smart. He supposes he can get away with anything and ever more so now following the election. He’s doubling down on the corporatism with the Amazon deal but it’s gone over like a lead balloon, as my father liked to say.