Much of the change is a direct result of the vast expansion of the state through complex subsidies and anti-competitive regulations that invite the sort of cronyism that Mr Meltzer cites as well.
He said these could be on the basis of European Union regulations which prevent "anti-competitive collusion" and which prohibit "abuse of a dominant position".
As I pointed out in 2008, this renders such regulations toothless against the most likely source of anti-competitive conduct: cable companies throttling Internet service to preserve their paid television monopolies.