We might best understand our current predicament via recourse to what the institutional economist James Galbraith terms a “predator state”. In such circumstances, one group feasts on what is on offer in a decaying system that once served broader interests. The predatory class may be opposed by others who also possess wealth, power and influence. However, a carefully constructed network built on political donations, ideological affinity and personal relationships produces an influence over the government that results in the interests of the predatory class prevailing.

via Morrison’s COVID-19 Commission: Industry policy in reverse