In pigeon racing, which is an example of a free market, there are many examples where the market has gone wrong. In addition to pigeon theft and blackmail, fair competition and equal and open access to information are other problems that beset private pigeon racing.
To sum up, opening up horse and car racing through a policy decision does not necessarily imply using government funds. It may, however, imply other kinds of subsidies or tax reductions, or maybe create unfair competition as a result of mistaken government policies. Society may end up paying a high price in the form of social costs, and the issue must be given serious consideration.
Yang Yung-nane is a professor in National Cheng Kung University's political science department and its Graduate Institute of Political Economy.
Translated by Perry Svensson
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