Free Market Capitalism vs. Crony Capitalism

Richard Ebeling emails:

I have a new article on the news and commentary website, “EpicTimes,” on “Free Market Capitalism vs. Crony Capitalism.”

One of the great difficulties in arguing the case for the free market is the negative connotation of the word “capitalism” in the eyes of many in American and around the world.

I argue that what is often considered “capitalism” in modern society has little to do with the real meaning and nature of capitalism in the classical liberal ideal of a society of individual rights and liberty.

This confusion has been caused by historical developments that in fact represented collectivist elements that have permeated Western economies over the last hundred and fifty years that are inconsistent with the true meaning of free market or laissez-faire capitalism.

I critically discuss these elements under the headings of “national interest,” monetary central planning, and the welfare state, and show that they have created the current system of plunder, privilege and political abuse.

Part of the task facing friends of freedom is to demonstrate why all of the claims concerning “injustice,” “exploitation,” and political favoritism in modern society are the outcomes of preventing a fully and consistently free capitalism from existing by those who wish to use the power of the state to obtain gains and positions in society that might not be theirs under real laissez-faire capitalism.

http://www.epictimes.com/2014/07/free-market-capitalism-vs-crony-capitalism/ 

Best,
Richard