“This was all the more regrettable because, in a crony capitalist system, the huge gains of the few really do come at the expense of the many. There was an irony here. Perhaps Marx had been right all along! It was just that he was describing a crony capitalist, not a free price system, and his most devoted followers set up a system in the Soviet Union that was cronyist to the core.”
“A free price system is not what economists call a zero sum game, in which existing wealth simply changes hands. On the contrary, it continually creates new wealth, large amounts of new wealth, and everybody potentially benefits. A cronyist system by contrast is a negative sum game; it destroys what wealth exists without creating much new wealth to replenish it.”
Excerpt From: Lewis, Hunter. “Crony Capitalism In America.” AC2 Books. iBooks.
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