Capitalists don’t actually like capitalism

posted by
May 22, 2011
Adam Smith Institute
by Tim Worstall  
Posted in Commentary

"[I]t's true, capitalists don't like capitalism very much, or at least they don't like the free market (or even freeish market) version of it very much. Sure, it's great to play the big lasagne and wax fat off the sweat of the workers' brows. But not when anyone else is allowed to try doing the same. For that means the workers' wages get bid up, prices to consumers go down as competition rears its ugly head. The capitalist would prefer that only this one particular capitalist should be allowed to indulge in the practice: or at worst, a carefully selected and approved list of people who won't rock the boat too much. That crony capitalism, that rent seeking, which can only be done in a stable manner with the collusion and connivance of government." (05/22/11)  


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