\nyou can build a company on the concept \u201cwe make the best damn planes\u201d but you can\u2019t build a company on \u201cwe get the highest return on net assets\u201d.
Yeah, but as the 80s establish, if you put your hobby concept ahead of capital’s imperative to get the highest return on net assets, someone who won’t can make a profit by buying you out; on the other hand if you don’t raise funds by issuing equity you’ll get outgrown, and even then you have to outrace the cost of servicing your debt, which tracks with the returns capital as a whole is getting on its assets, weighted against the likelihood you’ll survive and not, say, get outgrown.
Now you can regulate this if any given regulatory authority corresponds to a sufficient share of the corresponding economy; where authority is national but the economy is international that’ll fail unless without tariffs and trade barriers; the more tariffs and trade barriers are actual obstacles to capital the further you move from the ideal postwar order of peaceful free trade and back to competing national-economic systems that tend to go to war for resources and captive markets.
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