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It's Not Capitalism, it's Crony Capitalism
by kleinbl00

    We can define this as the return on capital generated not by innovation and risk taking, but rather through the unholy alliance between the business and political classes. Instead of genuine competition, they use the states’ power to legislate, regulate, grant hand outs, permits, government licenses, special tax breaks, and other dispensations as favors to enrich each other.

    I make this observation as an unabashed capitalist. Over the course of my career I have started several businesses, some of which have succeeded. In my day job, I invest capital for other capitalists. Around the world, it is undeniable that capitalism has produced more wealth and human well-being than any other system this world has known. The global gains in income that has raised millions out of poverty the past several decades is directly attributed to major economies such as China embracing (at least in part) some form of market-based capitalism.