The airline industry is a good example of an "open" market that is really anything but. It is effectively an state-supported oligopoly. Airlines have split up every major market, usually with very little competition amongst themselves, and then have a government bailout backstop if things go wrong (this include things like favorable bankruptcy laws that let them get out of wage commitments). This is without even getting into the unholy public-private airport situation.

The answer is actual competition with some reasonable passenger protections.

Let foreign carriers compete here (9th freedom rights). No bailouts for failed operations or even unusual circumstances like covid.

>The answer is actual competition

It's hard to see how that can happen when politicians take money from the rent-seekers who benefit from the status quo. "Competition is for losers", says Peter Thiel, so buy yourself a state-sanctioned monopoly (like Palantir).

The bailouts for unusual circumstances are a really interesting case. The "unusual circumstances" tend to be perfect for industry consolidation, which is normally (and rightly) viewed with at least some skepticism, but tends to get a pass during unusual circumstances as a matter of survival. In no small part this is driven by the desire not to cause thousands of people to be laid off with no equivalent pay opportunities in sight.

The PPP program turned out to be a widely abused transfer of wealth from taxpayers to capitalists, yes. But I actually think in general that bailouts, especially for smaller industry players, are an important tool for preventing industry consolidation, which causes generational-scale harm that is difficult to reverse or even remediate.

I think what need to happen is that it should be much easier to pierce the corporate veil in cases of obvious negligence in planning that leads to being unprepared for a predictable event. And of course putting an end to PE-style "corporate raiding" behavior that really just amounts to embezzlement. Imagine an economy in which the owners, directors, and chief executives of corporation are, as individuals, required to uphold some level of fiduciary duty to their customers. The economy might look very different in that case.