Crony Capitalism

Klavan, Smith and Friedman On Crony Capitalism

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Ah the next four years are going to be so enjoyable.  When it comes to crony capitalism Adam Smith said it well:

“The proposal of any new law or regulation of commerce which comes from this order [that is, 'those who live by profit'], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.”

Milton Friedman was eloquent on the subject of government supporting private enterprises:

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