You mean protecting wealthy incumbents? I'd argue it is working as it is designed to ("should" is a whole different barrel of fish).
I've lived in both the US and EU, and counter-intuitively the amount of incumbent regulatory capture* in the US seems worse, even though one would assume it would be quite the other way around.
The US has a population that is "anti-regulation" and a pro-capitalism agenda. You'd think it would result in a highly competitive landscape, but instead it results in many duopolies.
Call it what it is: Crony Capitalism. Lobby all you can to cement your market position and prevent competition. Works pretty well, because politicians are corrupt and like to be showered with lobby money.
I've lived in both the US and EU, and counter-intuitively the amount of incumbent regulatory capture* in the US seems worse, even though one would assume it would be quite the other way around.
The US has a population that is "anti-regulation" and a pro-capitalism agenda. You'd think it would result in a highly competitive landscape, but instead it results in many duopolies.
*Edited