If there is any contradiction in capitalism, it is how rich people have gotten criticizing capitalism. (*cough* Michael Moore *cough*) -- As an aside, one of the reasons why I believe claims of capitalism-driven inequality are all wrong (and is a sign of cronyism or rent-seeking and not a sign of a fundamental failure of free-market capitalism) is because I believe large amounts of wealth is a sign of market inefficiency. And a free market system--one where the government isnt trying to tip the scales in someones favor--abhors market inefficiency. Marxs observation that capitalism will eat itself is a *feature* of capitalism and not a bug--and those who seek to fix the bug (through regulatory inroads, cronyism, rent seeking and regulatory capture) are creating inefficiencies to line their own pockets--regardless of how altruistically they phrase their activities. Though to me worse are those seeking to create regulatory inroads, cronyism, rent seeking and regulatory capture in order to promote equality. Its the economic equivalent of someone being shot in the head in order to promote his health.
Posted on: Mon, 21 Apr 2014 13:32:30 +0000
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