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Yes, you're both right. An important role of government is to use regulation to prevent the inevitable.

Long ago it was understood that monopolies are bad for us, but it looks like we're destined to learn these lessons again the hard way. I don't think it was ever imagined the people would vote monopolists into the position of regulator.

The winning companies inevitably use their assets to exert undue influence on the policymakers, bending the regulations to their will.

Theoretically possible regulation doesn’t make it less inevitable. Only actual regulation that is also being enforced would.

That seems like it goes without saying that yes the rules would need to change for results to change. Its just not a hard law or even some sort of natural state of humans.