I find it funny (and terribly sad) that so many supposedly informed and educated people don’t understand what a miracle capitalism (and the Western tradition, including English common law) truly is. Many of us, perhaps most of us wouldn’t even be alive today if it was not for the concepts which spread from northwestern Europe, to North America, and then beyond. We live in amazing wealth. Even the poor in the West have amazing wealth relative to the poor throughout history and relative to parts of the world where commerce is stifled by statism,
The folks in Washington are trying to bail out Puerto Rico with taxpayer money. Watch, as Illinois and other states and cities with massive government sectors and high taxes continue to crumble they will start agitating for their own bailouts. Again I say it’s time to consider carving out the big cities. They seem to hold the rest of the country in contempt anyway. I say let the big government islands bail themselves out if they fail to come to terms with fiscal reality.
The prime mover of crony capitalism is the Federal Reserve system.
Occupational licensing in most cases is simply a crony ploy. It’s not about public safety. It’s about creating barriers to entry for people seeking to business in the marketplace. On net such licensing hurts society and particularly the young and the relatively less well off.
The chief reason we have witnessed miracles like the one below (and truly it is a miracle) is because unlike most industries tech has operated with minimal regulation and has remained highly competitive. In tech, success comes from out innovating one’s competitors not in getting in tight with the right politicians and regulators. (At least this has been the case though Google seems to be getting cronier by the day.)
Funny how socialism makes one appreciate the finer things in life, like simple price discovery.
Jeffrey Miron is someone people should know.
“The precipitousness of the political debate is a little scary right now,” said Jim McNerney, who served as chief executive of Boeing Co. until last year and as chairman until February, at a recent industry conference.
“Anti-business” and “anti-market” are 2 very different things.
Many feel frustrated these days. There is the sense that there is an agenda and that everyday people are not part of that agenda.
Many people have been under considerable economic pressure since the Crash in 2008,
The effort to increase the minimum wage is driven by a mix of economic ignorance, self interested unions which will benefit from such an increase (dues, adjustments to other contracts etc.) and good old political opportunism.
Some will never understand (or prefer not to understand) that the business owner provides a service which has value in the marketplace. A business preforms or it goes out of business.
If you are “resisting capitalism” you are “resisting human progress.” You are resisting the voluntary exchange of goods and services. You are resisting opportunity for people to make a better life for themselves through hard work. You are trading that opportunity for a system which rewards the uncreative and unambitious. (And perhaps you understand this.) You are fundamentally resisting FREEDOM and LIBERTY, because “economic liberty,” the right to do what you want with that which you own, is not separate from social FREEDOM and LIBERTY.
“It’s cool. The ball games are free.”
He basically makes the case that most moderately left Americans have made since the fall of the Soviet Union. And it is actually a pro-crony capitalism case. Yes capitalism can generate wealth, but it must be mitigated by government controls in the name of “fairness.” Best to have planners manipulating markets for “social justice” reasons. We can’t simply let the market do its thing. That’s dangerous.
Balderdash. Markets empower the poor and the middle class.
And they failed…But not before killing millions of people first. Either directly or through the implementation of terrible economic programs.
It’s important to understand that crony capitalism, the partnering of special interests with government to amass wealth for the partnering entities is a form of socialism. Crony capitalism does not work if there isn’t a government to hand out cash and influence. Government is cronyism’s catalyst.
The bigger the state, the regulations, the favoritism, the programs, the tax burden,
They actually already have plenty of socialism.
He makes a good point. The next economic downturn is likely to be nastier than the last and in an effort to “save” the world central banks will probably buy up everything in free fall, bonds, stocks, real estate. It is sad that we are talking about such a scenario. The statists think there is nothing to hold them back.
This is socialism which will help the asseted, the rich. A deeply crony economy.