Thursday, January 14, 2010

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


At 1/15/2010 8:51 AM, Anonymous DrTorch said...

Crony capitalism has destroyed Ohio. It's rampant there, and the state is plummetting in terms of economics and influence.

At 1/15/2010 9:17 AM, Blogger Invictus said...

"Crony capitalism" is a contradiction in terms. Phony capitalism would be more correct.

At 1/15/2010 10:57 AM, Anonymous Anonymous said...

Crony Capitalism = Corporatism

From Wikipedia...

Some critics equate too much corporate power and influence with fascism. Often they cite a quotation that has been attributed to Mussolini, although it doesn't appear in any of his texts: "Fascism should more properly be called corporatism because it is the merger of state and corporate power."

At 1/15/2010 5:57 PM, Anonymous Lyle said...

Actually we have political donor capitalism. You get the best congress money can buy, but it has always been that way. The NY legislature was well known that way in the late 19th century.

At 1/15/2010 7:13 PM, Anonymous Anonymous said...

Agreed. And who has the money in our society? Currently we have to deal with major corporations and bankers interests funding political campaigns and contacting lobbyists to do their bidding. As they say, follow the money. To me, states and individual citizens are increasingly being shutout of the process. This is not good for a constitutional republic.

At 1/15/2010 7:42 PM, Blogger juandos said...

Hmmm, sound more like people getting exactly the government/corporate they want...


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