First off, I acknowledge and recognize that I will be generalizing in the following piece, which means I’m throwing away many nuances out the window. So forgive my generalization that is only meant for argument’s sake.
Those who lean left, often referred to as liberals or progressives, believe that the masses need protection from the wealthy and powerful corporations. As such, they advocate for government intervention and stricter regulation. They argue that regulation is necessary to ensure safety and protect the interests of the population. However, they must also acknowledge the dominance of special interest groups in politics, particularly through powerful industry lobbying.
Conversely, those who lean right, more conservative individuals, and classical libertarians argue that the masses require protection from the government itself. They contend that government actions often contribute to political and economic instability, as governments can be influenced and captured by big industries such as pharmaceuticals, finance, and real estate. The right is correct in pointing out that often, captured regulators and governments pass policies that benefit industries and corporations, creating an uneven playing field that disadvantages small businesses and individuals. This means that what was already an unfair advantage by the mass amount of resources and money corporations held has multiplied tenfold with bad policies that undermine the underdogs and anyone with less resources and money. Therefore, advocating for a smaller government is seen as ideal for reducing government overreach and corruption caused by regulatory capture. When the government becomes intertwined with industry, creating a revolving door between the two, it leads to significant conflicts of interest.
When left-leaning special interest groups have policies and laws passed of what is perceived as a well-intentioned form of intervention, it will sometimes result in causing more harm than good for society. The left supports bigger government to hone in and crack down on exploitative and damaging practices by big industry. Such as if a big oil company is polluting a nearby river by dumping harmful chemicals, thus negatively affecting the health and quality of life of neighboring residents of that same river.
In the same vein, the adverse effect of the left supporting bigger government is enabling big industry to have more regulatory capture of a bigger and stronger government, thus undermining what the left wanted to reign in initially. When right-leaning interest groups advocate for deregulation in specific industries like finance, they inadvertently empower these industries to cause political and economic instability from financial turmoil. This occurs because the industries can exploit regulatory inaction, thus capturing and influencing regulators by allowing regulators to ignore or become blind to malpractices altogether. The truth and the best approach lie somewhere between the beliefs of the left and the right.
Social Scholarly 