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> maximizing control over markets and maximizing rent seeking. This is typically called "crony capitalism" -- it's a "false calitalism". To the capitalist fait
by repsilat 9y ago
> maximizing control over markets and maximizing rent seeking.
This is typically called "crony capitalism" -- it's a "false calitalism". To the capitalist faithful, rent seeking and monopolies tend to result from impurities in the system (usually government intervention) and tend to iron themselves out without that intervention. A little starry-eyed for me, but worth understanding the viewpoint.
- chewz 9y ago'Crony capitalism' in opposition to something like 'self-restraining capitalism'? :) I would very much like to see such a creature.
- repsilat 9y agoIn theory as opposed to _unrestrained_ capitalism. As the idea goes, abusive monopolies get out-competed. The logic goes that money will inevitably buy power, so a government of limited purview (but unlimited strength to check market excesses within that purview) is best. I take your point, though -- that "No True Scotsmen" capitalism, like actual factual communism, is an ideal that has never been achieved, and that incentives will always render it imperfect. It does empirically seem a rather safer ideal to aim for, though.