2020: The Year of Crony Capitalism and Corporatist Corruption

https://genzconservative.com/crony-capitalism-in-2020/ ^

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In 2020, however, there were no positive results of the government’s sale of favors and corporatist policies. Millions are still out of work, not because they were bad employees, but because the government wouldn’t and still won’t let them work. Small businesses, the backbone of the American economy and our middle class, were devastated by government lockdown policies. And when the government did try to “help,” namely through the Covid relief bills, the main result was even more corruption and cronyism. Special interests received billions and average Americans were left with crumbs.

And what did we gain from that? Nothing but a transfer of wealth from the hard-working to the corrupt oligarchs and politicians. What Ayn Rand called the “aristocracy of pull” in Atlas Shrugged delivered a mortal blow to Jefferson’s aristocracy of talent. Hard-working small business owners lost everything; their life’s work and life savings vanished while Bezos saw huge returns on his Amazon stock and irresponsible airlines received billions of dollars of bailouts.

The crony capitalism of 2020 delivered what might be a mortal blow to real capitalism in America. Competition was snuffed out by government policies and now a few companies have more power than ever over the American economy.

Real capitalism requires competition; the need to beat competitors is what results in innovation, productivity gains, and cost or quality improvements for consumers. Corporatism, however, is rooted in the government’s monopoly on force and the ability of Big Business to buy that force. With crony capitalism, businesses don’t need to outcompete each other. They just need to buy off a bureaucrat and have that bureaucrat shut down their competitors.

[humblegunner]

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