Friday, August 05, 2005

The tobacco settlement

Eugene Volokh points to a devastating article by Jonathan Rauch which condemns the tobacco settlement. The bottom line is that the states got a massive revenue stream, the lawyers took a huge cut, and the major tobacco companies were guaranteed a de facto monopoly. As someone with libertarian tendencies, I'm often accused of having an excessively rosy view of corporations and their motives. One of the replies to that argument is that corporations are actually at their scariest when they're using the machinery of government. The tobacco industry is a vivid example of this dynamic.

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