How the 1% use government regulations to extract wealth from the rest of society.
Bankers, dentists, doctors, real estate companies and car dealerships are among the groups that use licensing and other regulations to protect themselves from competition.
Complex regulations keep the bar for entry into their field high and licensing blocks anyone from providing services that fall under their licensing scheme; i.e. Nurses and Paralegals can’t work independently to provide cheaper services – they’re required to operate under the supervision of Doctors and Lawyers respectively.
The bottom of the top 1% is full of owner-proprietors who, in a more deregulated market, would be lower-paid employees of larger, more efficient firms.
Basically, these people are extremely wealthy because they use the law to shield themselves from competition, not because they earned it.