And corruption is often reinforced by bad regulation. In the United States, for example, the landscape of independently owned pharmacies was disrupted by larger chains, such as CVS, Rite Aid, and Walgreens, that were able to exploit economies of scale and reduce prices. In Italy, by contrast, pharmacies are essentially prohibited from competing against each other. The mechanism is a restrictive system of licenses that prohibits the creation of large chains and ensures that to start up a new pharmacy, you must first acquire a license from an existing pharmacist. It?s a convenient system if you happen to be the not particularly hard-working son of an elderly pharmacist. Dad will pass the license down to you, and though you?ll never get rich running a single shop, you don?t need to worry that you?ll be put out of business by some entrepreneur with more hustle or better business sense.??????????
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