As it turns out, Enron was a political colossus with a unique range of rent-seeking and subsidy-receiving operations. Ken Lay's announced visions for the company—to become the world's first natural-gas major, then the world's leading energy company, and, finally, the world's leading company—relied on more than free-market entrepreneurship. They were premised on employing political means to catch up with, and outdistance, far larger and more-established corporations.
Monday, September 3
Perhaps Enron's collapse was not a case of unregulated markets gone wild
In Enron: The Perils of Interventionism, Robert L. Bradley Jr. writes: