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Crony capitalism = both a corruption of capitalism and a corruption of morals


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2013 May 1, 2:04pm   64,626 views  206 comments

by PeopleUnited   ➕follow (2)   💰tip   ignore  

http://mises.org/daily/6420/Two-Sides-of-the-Same-Debased-Coin

John Maynard Keynes says that his ideas will no doubt be rejected because they are so novel and revolutionary. Toward the end of the same book, he seems to have forgotten this because now he says he is reviving the same centuries-old ideas that he had once dismissed as the most absurd fallacies. At least he acknowledges that he is changing his position, although he does not explain how his ideas can be new, revolutionary, and also centuries old. This is of a piece with his describing himself as a member of the brave army of rebels and heretics down...

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205   tatupu70   2013 May 13, 6:08am  

indigenous says

You do realize the per capita income in China has gone from $500 per year to
$7000 per year in the last 10 years?

I sure do.

206   dublin hillz   2013 May 13, 8:04am  

The interesting scenario is what would happen under following conditions:

1) Those who have disposable income would never finance anything except the house - cars/clothes/vacations/other discretionary items would be paid in cash/atm/credit card paid off before interest comes due

2) People would hunker down and constrict spending on discretionary items and save as much money as possible for a few years.

Would these behaviors teach the elites not to take things for granted?

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