THE INTERSTATE COMMERCE Commission (ICC), which existed for about a century before being mercifully put out to pasture in 1995, is one of the best historical examples of how governmental attempts at regulating the economy can backfire.
Created with the stated goal of protecting consumers from the competitive interests of Gilded Age railroad barons, the ICC was quickly captured by the very special interests it sought to control, then helped entrench a railroad cartel. At the height of its powers, the ICC tried to limit the use of trucks for hauling freight (an
