The story doesn’t just attack a failure of Democratic policy execution; it exposes a key flaw in New Democratic thinking. The Third Way as dreamed up by Bill Clinton and Tony Blair sought to harness the power of financial markets to a public service agenda. Old style command and control liberalism believed in directly mandating business to do what politicians thought should be done. AT&T had to serve rural communities, but in exchange it had a phone monopoly and regulators made sure that it made a good profit. The airlines and bus companies had to service unprofitable routes, but regulators made sure that their route networks as a whole were profitable.
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