Saturday, December 03, 2011

False Dichotomy...

...there is no distinction. Both states, by themselves, can only exist in theory, as they are inextricably linked to one another.

Arguing over the definitions of capitalism at this point is tantamount to discussing how to remove liquid from water.

Economics Professor Chris Coyne draws the distinction between crony capitalism and legitimate capitalism. Crony capitalism is government favoritism fueled by handouts and is responsible for the plight of the 99%. Legitimate capitalism, on the other hand, uses competition to align consumer and producer interests and serves to improve everyone's standard of living.

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