Self-Regulation FAIL

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Writing my screed against the AMA’s ridiculous price-setting cabal got me thinking. Is there a single example of a profession that self-regulates in a way that’s good for society as a whole, as opposed to protecting the interests of the members of that profession at the expense of everyone else? Liberals often slam industries when they talk about a desire to “self-regulate.” Why shouldn’t we be skeptical of the same claims from professional associations? Doctors (with their labor theory of value) and lawyers (with their billable hours) are just the most pernicious examples of professions that have structured their compensation in ways that are deeply harmful to the public interest.

Of course, with government regulation, you run the risk of industry capture—professions can and do simply petition the government to enact regulations that only serve the interests of their members—requiring interior designer licenses, for example. But self-regulation has no chance of working for anything other than the professionals’ self-interest. So it seems like government regulation at least gives you the chance of a result that serves the greater good. People and industries do not consistently act against their self-interest. So if an industry or a profession or a person’s self-interest runs contrary to the public good, there’s a case for changing the law and instituting penalties that change that calculus.

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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