At least more effective than the US government, according to Tony Karon.
Seems ironic, isn’t it?
Actually, I would argue, following Neil Fligstein’s typology (The Architecture of Markets, p.46), and considering the financial crisis and latest US Supreme Court decision that the US government is not (no longer?) the “executive committee” of the capitalist system:
|Dominant Groups and Their Effects on Policy Domains and Forms of Economic Intervention|
|Dominant Group||Policy Domains||Economic Intervention|
|State as rent seeker||Predatory||Haphazard; open to corruption|
|Capitalists||Regulatory||Capture by capitalist interests|
|Workers||Impossible in capitalism?|
|Capitalist – State coalition||Regulatory; state could be directing or brokering development||State controls finance, utilities, infrastructures; represses workers|
|Worker – State coalition||Welfare state; direct intervention in product and labor markets||State ownership of firms, extension of worker protections|
|Capitalist – worker stand-off||Policies respond to who is dominant; state acts as broker||Strongest groups get favorable policies; compromise|
Could it be that we are on our way towards the US state as rent seeker?