The Ratchet Has No Market Analog

The crisis-centralization ratchet has no analog in markets. Organizations have a structural one-way valve: crises centralize decision-making, and decentralization almost never follows. Markets do not have this mechanism. Crises in markets lead to more markets, or regulation, or both, depending on who wins the political argument. There is no structural bias toward one direction. This makes the organizational governance problem fundamentally different from the macroeconomic coordination problem that Keynes and Hayek debated.