Let's Take the Crony Out of Crony Capitalism
"The word "capitalism" is used in two contradictory ways. Sometimes it's used to mean the free market, or laissez faire. Other times it's used to mean today's government-guided economy. Logically, "capitalism" can't be both things. Either markets are free or government controls them. We can't have it both ways.
The truth is that we don't have a free market—government regulation and management are pervasive—so it's misleading to say that "capitalism" caused today's problems. The free market is innocent.
But it's fair to say that crony capitalism created the economic mess.
Crony capitalism, by the way, will be the subject of my TV show this week on the Fox Business Network (Thursday [tonight] at 8 p.m. Eastern; Friday at 10)."
~John Stossel writing in Reason