What protesters across the country see as the failure of capitalism is something else - the triumph of cronyism, the failure of government intervention, the triumph of politics over economics as a way to choose life's winners.The real tragedy is that it's not just these half-cocked demonstrators who want more government intervention to "solve" our problems, it's the majority of Americans (excluding the Tea Party folks).
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Most complaints about capitalism these days are really about crony capitalism, or cronyism. Free market capitalism is not cronyism. According to Palmer, cronyism has “mired so many nations in corruption and backwardness.” It lets the politically connected get rich not by producing goods, but by gathering privileges from others under the authority of the state, what Frederic Bastiat called “legal plunder.”
People like the Wall Street occupiers hate crony capitalism, but at the same time they demand more government intervention.
They want what cronyism yields. Guaranteed.
"Capitalism, morality, and blindness on Wall Street." By John Paul Cassil, Washington Times, 10/4/11.