Cronyism vs. Capitalism, the Video

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.

11 thoughts on “Cronyism vs. Capitalism, the Video

  1. Pingback: » Cronyism vs. Capitalism, the Video Crony Chronicles

  2. 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.  

    1. 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.

    1. 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

  3. 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

  4. 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.

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