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Cronyism vs. Capitalism, the Video

by Matt Mitchell on December 14, 2011

in Crony Capitalism

This is a nice, short illustration of the distinction. It stars GMU’s Don Boudreaux, George Washington University’s Susan Dudley and University of Nevada-Reno’s Bradley Schiller.

In other news, Stephanie Herman at Geke.us has a nice way of illustrating the problem:

Stephanie Herman, Geke.us

HT, Mario Rizzo.

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  • Don Pollari

    Baloney, this is milton freidman chicago school propaganda at it’s finest. The theory being pushed here is corporations can regulate themselves. That’s self evident hogwash.

    Why the hell did darth cheny create the “Halliburton loophole”?, to eliminate regulation of oil and gas industry and make them immune from being held accountable for trashing the environment.

    This is pure self interested corporate spin.  

    • http://stateexempt.com/wordpress RJ Miller

      Halliburton was a predominantly tax-funded firm that relied on government contracts. Nothing that a true capitalist would advocate. At any rate, business is better able to regulate itself than the government.

  • Don Pollari

    Hey corporatist 1%ers, since corporations are so good at regulating themselves you might want to explain how that works to john corzine:

    http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fc%2Fa%2F2011%2F12%2F28%2FEDQN1MHHJI.DTL

    • Matt Mitchell

      Hi Don,

       

      Thanks so much for taking the time to comment. I think that
      if you allowed yourself to be a little less ad-hominem, you might discover that
      we agree a lot more than we disagree. Would you be surprised to learn that I
      share 99% of the sentiments of the article to which you link? Most advocates of
      economic freedom, by the way, don’t think corporations are good at “regulating
      themselves.” Instead, the idea is that competition is a better servant of the
      public’s interests than top-down regulation.

       

      Have a great day.

       

      Best,

       

      Matt

    • http://stateexempt.com/wordpress RJ Miller

      http://www.youtube.com/watch?v=U-Kd62VQ0i8
      Your example is that of government failure.

  • Don Pollari

    Corporate shills for deregulation – Glass-Steagall is an excellent example of your deregulatory agenda in action. It was repealed in 1999, ramifications realized in 2008.

    http://en.m.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

    • http://stateexempt.com/wordpress RJ Miller

      Glass-Steagall was put in place to prevent the government from encouraging bad loans.

  • Matt Mitchell

    Hi Don,

    Thanks so much for taking the time to comment. I think that
    if you allowed yourself to be a little less ad-hominem, you might discover that we agree a lot more than we disagree. Would you be surprised to learn that I share 99% of the sentiments of the article to which you link? Most advocates of economic freedom, by the way, don’t think corporations are good at “regulating themselves.” Instead, the idea is that competition is a better servant of the public’s interests than top-down regulation. 

    Have a great day. 

    Best,

    Matt

  • http://stateexempt.com/wordpress RJ Miller

    Such a shame so many people leaving comments here cannot tell the difference between corporatism and the free market. Even though it is spelled out on your post.

  • http://www.facebook.com/people/Karen-Allen/1286078408 Karen Allen

    Rallies against Wall Street are incorrect.  This is a good summation.

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