I Heart Michael Powell
By Arnold Kling
Reason interviews the Chairman of the FCC, who says
I’m a big believer in individual entrepreneurship and innovation. I think American capitalism is the finest economic system ever invented. It has crushed— not beaten, crushed—every alternative deployed in the history of the world, and we should be proud of it instead of embarrassed by it.
The market has delivered more value to poor Americans and raised standards of living around the world more than any system I know, and I just wish we would stop having to reargue the value of the American marketplace. I wish we could stop having to convince people every 10 years that enterprise and opportunity and innovation are not bad things.
Of all of the attacks on Michael Powell, I think the one that was least justified was over his attempt to loosen concentration rules in broadcasting. The irony, as he notes, is that these attacks were mobilized over the Internet, a fact which should demonstrate the obsolete character of the regulations he was trying to loosen.
In my book, I have a chapter called Hayek, Stiglitz, and Michael Powell.
For Discussion. Why focus on media concentration in terms of broadcast?