Posted on 12/04/2012 4:26:17 AM PST by Kaslin
The funny thing is that crony capitalism works just like socialism with the same results.
Adam Smith said it better, “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.”
Fixed.
FORGET the facts and just give me my Obamaphone, my free abortion and my Viagara. The rest of you just keep on working.
That’s not uprising because crony capitalism = socialism, and has nothing whatever to do with actual capitalism.
The Government choosing winners and losers in the marketplace? That’s Socialism.
The total failure of Socialism was clearly understood and written about by Frederic Bastiat prior to 1874.
“Essays on Political Economy”
http://www.gutenberg.org/files/15962/15962-h/15962-h.htm
...and that's why "Crony Socialism" is the more correct term.
“Share the wealth” schemes end up sharing the poverty and eliminating the wealth.
That this has to be written is indicative of the terrible state we’re in today.
There’s one basic reason, and it should be taught in elementary school. Economic calculation is impossible under socialism. For economic infornation comes in the form of prices, and without some level of freedom to raise and lower price according to supply and demand there is no information. When prices are set by wild guesses or whimsy or political correctness, no one knows what’s going on.
bttt
“Crony Capitalism” is a terrible moniker to apply to what Obama’s buddies are engaged in because it gives Capitalism a bad name.
I was refering to the crony capitalism that the GOPe types support. Obama only uses it to finance his long term marxist goals. Republicans pursue as the end goal.
GOPe, Dems, doesn’t matter to me, they’re two sides of the same coin. I wish people would stop calling it “capitalism” because it’s not. If my statement was in error is was because I failed to point out the GOPe is no better than the Dems. Arguably, worse.
5a) Socialism is too ignorant to adapt.
In my experience people under 30 are totally ambivalent on this issue. I think they’d have no problem chucking Capitalism and giving some other economic system a try.
There was even a TV show in my listings titled “Democracy: The Cure for Capitalism”.
Capitalism without a modicum of Christian type morality can become as corrupted and oppressive as socialism.
Offers, yes, but ultimately fails on delivery.
It is interesting that the people who quote Adam Smith never bother to refer to the rest of his writings, such as ‘Theory of Moral Sentiments’. Smith was well aware that there would be those who could not function well in a capitalist system and said things about the poor that would make some of the acolytes of Rand rather uneasy. His book “THeory of Moral Sentiments” is not quoted as much as Wealth Of Nations...
“This disposition to admire, and almost to worship, the rich and powerful, and to despise or, at least, neglect persons of poor and mean conditions, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments.”
-Theory of Moral Sentiments.
Much more in that book that is far from the partial quotes, so often taken out of context, that make Smith appear to something other than the moral philosopher he really was.
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