21–30 of 106 posts
It hasn’t been replaced, some people are just realizing the things that have been pointed out since critics of capitalism coined the name “capitalism”, refelecting its favored-class orientation, for it.
Just call them oligarchs and have done with the whole argument. Wait, what happened to the robber barons? I guess they didn't have PACs.
Oligarchs depend on the administrative state for their security.
The oligarch pays (bribes, political donations, what have you) the state $5 so that the state will spend $10 screwing the competition and then the oligarch's business will make $10. Of course I made these numbers up but the system by which these people hold power doesn't work if there isn't an administrative state with the power to fairly capriciously regulate the oligarch's business. The whole game is predicated on being able to buy unfair access state muscle. If the state is sitting on its ass there's no advantage to buying favor.
"Cronyism" is the long-term result of capitalism. It will always result in this type of corruption, it's the nature of an economic system that rewards greed. Cronyism is just another way to say "Late Stage Capitalism."
Cronyism is something that will always happen when free markets mix with democracy. In the USA, this started before the end of the first Presidential term. It isn’t new. All governments suck, all economic systems suck, and it all sucks because people are flawed. We can always try for better, but so far every system that humans design, humans also corrupt and destroy. I would argue that we should all stop trying plan…
That's modern-day America (and western countries in general), but massive government taxation and borrowing, and spending on bloated, inefficient, and corrupt programs to buy votes and scratch backs won't get more love from "capitalists" than it will from anybody else.
It's not capitalism that is going bad, it is government.
An honest look at modern history makes it hard, in my view, to identify this halcyon era of capitalism where "cronyism" did not run rampant.
Capitalism always was cronyism (so was feudalism, but with a different favored class.) It hasn’t been replaced, some people are just realizing the things that have been pointed out since critics of capitalism coined the name “capitalism”, refelecting its favored-class orientation, for it.
However, no more. Modern-day capitalism in America is to flatten the risk curve for people who already have money by borrowing from future generations with debt-fueled bailouts for companies. We have consciously decided to reduce the downside for the wealthy, thereby limiting the upside for future generations. That's modern-day America (and western countries in general), but massive government taxation and borrowing,…
It's capitalism, not the government.
Just call them oligarchs and have done with the whole argument. Wait, what happened to the robber barons? I guess they didn't have PACs.
Just call them oligarchs and have done with the whole argument. Wait, what happened to the robber barons? I guess they didn't have PACs.
Sorry? you think "tammany hall" didn't exist?