With the recent passing of Walter Williams, I watched a video of him [Thomas Sowell’s tribute] that reminded me of a video of Milton Friedman on the Donahue Show. So I wanted to combine them for affect.
(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.
I feel like I shouldn’t have to upload this ECON 101 type stuff, however, many may not realize this fact… ESPECIALLY if they went to college. I clip Dennis Prager noting this truth and then add a classic from Milton Friedman (longer video is HERE). See as well Congressman Bill Posey make the same point on the House floor.
Did you know that since 1970, the percentage of humanity living in extreme poverty has fallen 80 percent? How did that happen? Arthur Brooks, president of the American Enterprise Institute, explains.
This post is connected with another that is similar in it’s point.
Here, Thomas Sowell writes about the pernicious lie that comes from the Left by speaking about a great book by Arthur C. Brooks from AEI. What prompted me to post this is the indoctrination of our youth in this Facebook post that is horribly wrong in many respects:
BONO on the free markets:
Here is Thomas Sowell’s review of Arthur Brooks book… there is the pencil example by Nobel winning economist Milton Freidman as well as an Artur C. Brooks presentation at the end. Econ class 150 is in session:
Here is Brooks short presentation
Some Later Additions:
A caller challenged Michael Medved on the “system” backing the rich… to which Michael responded with some counter-points. The conversation turned to taxes, and I learned a bit about the flat-tax and the “graduated” aspect of even it.
Great call and great learning curve of a response.
Here is a related issue via the great Milton Friedman:
Mind you, this Larry Elder audio opens with Ronald Reagan discussing Milton Friedman.
In this fill in for Dennis Prager on Monday, Larry Elder’s first two segments of the show are really a “GOP vs Ideals” 101 course. Economics, Donald Trump, GOP nominees since 1988, Milton Friedman, Ronald Reagan, Obama, and more are covered in “Sage” fashion.
As usual I learn from Larry and I share this with you in the hopes you will as well.
Starring comedian Andrew Heaton, EconPop takes a surprisingly deep look at the economic themes running through classic films, new releases, TV shows and more from the best of pop culture and entertainment. Heaton brings a unique mix of dry wit and whimsy to bear on the dismal science of economics and the result is always entertaining, educational and irreverent. It’s Econ 101 meets At The Movies, with a dash of Monty Python.
The “Original ‘I-Pencil'”
It was amazing to hear the dissenting point of view chastise CNN for having a Border Patrol agent on — or that he was still a Border agent at all for speaking the truth!
Here is Milton Friedman
And here Charles Krauthammer on the border fence: