(UPDATED WITH JOHN STOSSEL – AT BOTTOM)
Actually, it is not “crony capitalism,” it is “CRONY CORPORATISM.”
This election season there’s a lot of talk about corruption, about politicians being “bought and sold”, and about “crony capitalism”. What do those terms mean? Why should we care? Is there a way to reduce corruption and restore our trust in government? Author Jay Cost, staff writer at The Weekly Standard, answers these questions and proposes a solution that every society could benefit from.
A good example of a monopoly like the one Dr. Friedman refers to is MA BELL
(Via MOONBATTERY) Crony capitalism is as much a betrayal of true capitalism as postmodern art is a betrayal of true art. It results in those who have made $zillions in the free market calling for more suffocating government regulation. Like socialism, it is a way for those who have succeeded to pull up the ladder after them so that others cannot follow and compete with them.
John Stossel has had enough of it. The solution: to reduce the power of the government to reward its friends and break the kneecaps of its enemies.