The power of the rich

posted by
February 22, 2011
Cafe Hayek
by Russ Roberts  
Posted in Commentary

"I think fixing the relationship between the financial sector and the power of government, particularly the Fed, is the single biggest problem we face as a democracy and as an economy. The exploitive nature of this relationship, what is often called crony capitalism, has led to terrible misallocations of capital and to resentment from the body politic about the fairness of the political process. But I do not believe we live in an oligarchy where the rich control the political process in the way they do in some other countries." (02/22/11)  

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