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Economy · September 29, 2026

The Permit Is the Product

The largest AI companies are asking Washington to write the rules. Strip away the safety language and follow the incentives.

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The Permit Is the Product — AI regulation and the railroad moat

The Argument Is the Point

The Franklin Review begins with a simple proposition: examine the assumptions before joining the argument.

America has no shortage of political opinions, but it increasingly lacks the willingness to examine the assumptions behind them before every issue is sorted into two tribes. Strip away the slogans, study the history, incentives, and numbers, understand what each side wants and why—then decide.

That is the agnostician approach: not the absence of an opinion, but the refusal to surrender independent judgment to someone else's ideology.

This edition examines a question that cuts across every boardroom and every ballot box.

— William Taylor Franklin

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