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To be honest i think its one of these industries that should never be private. Why do we think it is a good idea to have people profit from war in such a direct way?
Because wherever there is a possibility to make massive amounts of money, those with power will push and push and push to be in control of it.
theoretically it allows for more competition, but in practice its much more complex
Seems like if a theory doesn’t allow for obvious-to-everyone complexity, then it’s a pretty useless theory.