Describe what you consider as "highly regulated".
> Why are you talking about wealth transfer programs?
You brought up Medicare and Social Security.
> Your knowledge on this subject seems to be realllly skewed towards what someone who consumes a lot of right-wing media content would think
What I read are history books.
The United States economy. We have trade regulations, license regulations,import and export regulations, we have standards regulations. You know, lots of restrictions on trade.
>You brought up Medicare and Social Security.
Neither of those programs are 'wealth transfer' programs.
>What I read are history books.
Oh really, what are some of your favorites?
That isn't what "highly" regulated is. Things start getting highly regulated when the government sets what prices you can charge, who you are allowed to do business with, etc.
For example, I'm in the software business. There aren't any regulations on it.
> Neither of those programs are 'wealth transfer' programs.
That's exactly what they are. SS tax receipts, for example, go directly to recipients.
> Oh really
Shocked, are you? I wouldn't want to burst your illusions. Imagine what you want.
Oh! It's so convenient that the definition of 'highly regulated' for you fits perfectly into your world view. Those hundreds of thousands of pages of laws that govern trade and the tens of thousands of enforcement officials must just be my imaginiation
>For example, I'm in the software business. There aren't any regulations on it.
Your definition of regulation is different than the actual definition of regulation.
You already got your understanding of the German economy corrected by others. I think you almost certainly are a great example of someone who is a SME in one area which makes you think you are a SME in other areas, when you actually aren't.
Social Security and Medicare aren't wealth transfer programs. The United States has tons of regulations and central economic planning. Your ignorance of those facts is a deficit on your part that you can easily rectify.
After you've read it, come back and enlighten me on how "highly regulated" the oil business was in Rockefeller's days.
Another gem is "Nothing Like It In The World" by Ambrose. Ambrose also approached the topic with the usual left-wing bias, but his research completely upended his narrative. Unlike Chernow, he wrote a nice mea culpa about his transformation engendered by the facts.
"Empire of the Summer Moon" is another one that will challenge your point of view.
Based on this post, I'm guessing you don't have any serious suggestions?