No criticism about how the 15 made their fortunes - that is a story for another posting. But the developments in professional football have two lessons about how Capitalism has been taking the wrong turn - not because the system is inherently flawed but thanks to poor political and governance decisions.
Football is pretending to be a sport based on a Club system, not a business. So it should be up to club members to control the organization. Limiting individual votes would cut out rich oligarchs out of the scene in an instant.
Similarly, opening up television rights to proper competition and maybe limiting copyright would result in a drastic cut of revenues that could be splashed out on absurd compensation packages.
The 15 richest billionaire football club owners in England — and how they made their fortune
Public Choice and Politics Without Romance (with Mike Munger)
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Before you give the government new powers, try the Munger Test: cross out
“government” and insert the name of the politician you trust least. Then
see if...
18 hours ago
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