Citizens, candidates, and commentators must make a crucial distinction between true capitalism and crony capitalism. In the former, entrepreneurs make profits by risking their own assets to produce goods and services that they sell to willing customers. In the latter, predators use political influence to obtain special favors or bailouts from government at the expense of their competitors and the taxpayers.
Only a separation of economy and state will eliminate today’s political corruption which is wrongly blamed on true capitalism. The following archived content highlights the difference between true capitalism and crony capitalism.
When political capitalists win, consumers, business rivals, and/or taxpayers lose.
The reign of cronyism throws into relief two radically different breeds of businessperson.
America’s pioneering spirit is still alive but is being worn down by a risk-averse culture that promotes the abrogation of personal responsibility and that promotes public consensus over independent judgment. It is worn down by the enemy of all progress and pioneers: an overweening and power-hungry government.
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