What does "resisting a centralized regulation approach mean"
Reader comment on: Keith Hennessey on Oil Drilling Safety
Submitted by ben (United States), Jun 17, 2010 11:14
Is that a kinder, more gentler way of saying "deregulate?" If so, how far are you willing to go to deregulate the energy industry? Should there be any rules? Any government imposed rules or any sort? Where to drill? How to drill? Safety precautions?
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The Future of Capitalism replies:
Even I think there should be some rules. We should prosecute bosses for worker deaths under manslaughter or homicide when they meet the standards under the criminal law for those crimes. And property rights give landowners the right to sue when their property is damaged by a neighbor's negligence. I think you should be able to drill on property that you own. We already have lots of laws about environmental impact, though, that make it hard to, say, drill for oil right off the coast of Martha's Vineyard (though you can build a windfarm there) or build a nuclear power plant right next to Midtown Manhattan (though there is one in Westchester on the Hudson at Indian Point.) On government property, one should ask why the government owns the property in the first place. I think Hayekian spontaneous order/distributed knowledge will take care of a lot of this stuff better than government requirements.
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