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Crony statism

Reader comment on: Easton, Postrel Win Bastiat Prize

Submitted by John Gillis (United States), Nov 3, 2011 17:18

It's good to hear about the prize winners who are advancing the cause of free markets.

I have a bone to pick with the quote from Postrel however. It is a significant contradiction in terms and a smear against capitalism as a system to call the crony statism or crony government as "crony capitalism". Capitalism by defintion is not about cronies, it's about doing the best with one's resources and capital to maximize profit. It is only under a welfare state or a communistic or socialistic or fascistic state that one encounters cronies, that is, hangers-on and insiders who use government power to enrich themselves. I hope Virginia reads this and agrees that she should amends her way of speaking.


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