June 30, 2009

MEGAN MCARDLE ON UNIONS AND OLIGOPOLY: “I think it’s great that people who maybe weren’t cut out for college had a decent way of earning a good living, getting ahead a little. I think it’s really sad that era is over, especially for people who were encouraged to bet their whole futures on a deeply troubled industry. It’s just that I’m also aware that the reason people could have well-appointed jobs-for-life was an oligopolistic cartel which was able to cut rich side deals in order to buy labor and political peace. The culmination of this was the hideous junk of the 1970s, which is the kind of place that oligopolistic cartels tend to end up. But that doesn’t make all this any less tragic for the workers.”