People around the world are coming to understand what crony capitalism is. This comes to us from Australia. The author still has a bit too much faith in government but generally he gets it.
Novak was a giant of world thought, one of the most brilliant defenders of the free market and an opponent of crony capitalism, always bringing it back to what can we do to rescue people from poverty, always from the point of view of a devoted Catholic Christian.
No! We are shocked. Shocked! I tells ya.
Going forward the Trump needs to be held accountable. With properties and projects around the world there are and will be many opportunities for crony capitalism to sprout within the new administration. It is incumbent upon those of us who believe in free markets and a non-crony economic system to hold the new administration’s feet to the fire. Cutting the federal workforce is excellent. Handing out subsidies to favored businesses would be very very bad.
Trump has an historic opportunity to rise above the crony temptations which are now laid out before him.
We don’t call it “mutant capitalism,” we call it crony capitalism. But the main point made in the attached article is vitally important.
What many young people know as “capitalism” is not capitalism. They’ve known only crony capitalism. Many young people have never seen a world in which the economy was allowed to breathe and one where people were generally free to start businesses and carve out a claim while helping fulfill the needs and desires of their fellow humans.
We have said before that no Fed Chair was ever “free market.” This absolutely includes Mr. Greenspan. His legacy is one of a price fixer, an economic manipulator, a bubble blower, and ultimately one who in many ways ushered in the crony era we live in today.
But as we see in the attached piece from Sebastian Mallaby, Allan Greenspan, the one time “Maestro,” knew better all along. He knew that Fed policy could and typically did destabilize the real economy.
Image: Screenshot Business Insider
I have long contended that restaurants are one of the most capitalistic areas of our economy. Make good food at a good price and people come back. Repeat over and over and over. Keep making people happy and you keep making money.
That is unless the regulators start shaking you down.
This place looks delicious. Here’s their Facebook page if you want to track them down.
Socialism has a half life. Once honest to goodness socialism is instituted it is only a matter of time before the system implodes on itself. The primary factor in the speed of collapse is the amount of fat within an economy before massive state intervention and redistributionist policies. If the disease of socialism, hard core socialism, think the USSR, Cuba, North Korea, and even places like Venezuela, really takes hold, if the state assumes pretty much every aspect of the economy,
Daniel Hannon from across the Atlantic puts his finger on the causes of much of the anger which is riling the West. The political class, the crony class, the smirking class, has taken the rest of us for granted while entrenching and enriching itself.
Both conventions will no doubt be ridiculous spectacles. But Uber feels that the spectacle in the City of Brotherly Love is more politically advantageous than hanging with Republicans. This despite the fact that Democrats across the nation have fought Uber’s efforts to expand at every turn and that both Clinton and Sanders have been highly critical of the company. (This is actually one of the main reasons Uber is passing on Cleveland of course. They are intimidated and figure Clinton will likely win so it’s not worth being “tarnished”
Occupational licensing makes life difficult for millions of would be entrepreneurs across this country.
In most cases such licensing is merely a way to restrict competition. Want to braid hair? Go get a license. Can’t afford the license and the ridiculous time requirements for a license? Well, too bad. Guess you don’t have what it takes to braid hair.
And the same goes for all sorts of occupations, even lemonade stands in many places.
This red tape contributes to poverty.
Yes this is an old video of Woody Harrelson. Yes, he has probably said a million things which are completely wrong. But in this clip he is basically right. Vote for what you want at the grocery story, at the car dealership, at the bank. In a private economy where responding to the customer matters, you have considerable power.
In a world dominated by government, your power is greatly diminished however.
Not only is it good, it is often spectacularly good.
It’s not just me saying this. This is an assertion which can be measured and seen. Anyone who does not understand that capitalism has made the world a better place, has filled stomachs, cured diseases, has helped people broaden their horizons, and has just generally made things in this life more tolerable either doesn’t understand what capitalism is or has simply never looked into the matter objectively.
It really does blow my mind that so many supposedly educated people do not understand what a force for good capitalism has been.