Spot the difference between legacy and LoCo

[PAXboy]

Take a new business - such as railroads:

1. One brave company starts and goes bust
2. The bits get picked up, sometimes by govt of the day because of employment or money or other factors
3. New companies start up and regulation starts
4. Many new companies start up so more regulation
5. Time goes by with a few mergers and a few start ups and failures
6. More regulation
7. You are now a parent and tell your children that you have seen this behaviour before
8. The country goes through a very bad slump/depression so more closures and mergers
9. Govt of the day may well decide to nationalise or, at the very least, regulate a great deal more
10. Time goes by with a few mergers and a few start ups and failures all aimed to 'make the industry more efficient and blah blah'
11. Govt of the day may well decide to privatise or, at the very least, change the regulations considerably which is re-regulation but billed as de-regulation
12. Time goes by with a few mergers and a few start ups and failures
13. Continue the loop until you are a grandparent and tell the little ones that you have seen this behaviour before
14. You die
15. The loop continues ...

Does any of this sound familiar?
Humans like to call it 'progress'