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Similar history in the UK, with the additional disincentives of increased compliance regulation bourne by drivers, and reduced availability of welfare amenity for drivers on the road (reasonably priced rest stops with good food, bathing, security, etc.). The gap was being covered by cheaper foreign labour that would tolerate the privations of the job for a while (investing their spare wages into post driving opportunities), foreign cabotage (leading to increased accidents on the road from tractors set up for driving on the right in Europe rather than the left in UK/Ireland).

Older drivers retired and reduced citizen entry into the driving as a job.

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Matt, I didn't expect a cartel-positive article here. What exactly is your alternative? Re-establish the cartel system and wage/price controls?

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In some industries, rate regulation makes sense. There are lots of ways to do it. But if you don't have some public price setting, you get booms and busts, aka destructive competition, followed by private price setting. In some industries like trains, shipping and airlines, destructive competition is followed by monopoly or oligopoly.

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Whether private or public, price controls guarantee malinvestment and shortages.

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In some cases, like trucking, price controls are still the least worst option.

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Price FLOORS are good for smaller businesses. FDR subsidized farm prices to insure that the skills of family farmers weren't lost in booms and busts. When the price floor is removed, monopoly power can force all prices down, pushing out the smaller players. Everyone must consolidate for "efficiency", which ends up losing all flexibility.

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