Crony Capitalism: this little gem of a misnomer is designed to beguile the most impressionable amongst us. Literal Translation = malfeasance and Corruption.
It’s amazing how all economic government failures are blamed on Capitalism. Truth is capitalism, laisser-faire capitalism, has never existed in the history of theUnited States. What we have is a bastardized mixed economy where lobbyists bribe politicians with campaign contributions, kick backs, low interest real-estate loans ect. In return, the government picks industry winners and then showers them with favors like no compete contracts, tax exemptions, favorable regulations, and monopolistic privileges, all of which have absolutely nothing to do with capitalism.
Tip Wind Ranch Pod Cast: Confessions of a neophyte objectivist Part One.