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Discussion: (8 comments)

  1. so a question. Is FDIC an example of crony capitalism?

    1. Of course it is…in addition to the FED itself.

  2. dennis bausch

    isn’t crony capitalism the same thing as national socialism?

  3. Technically no; national socialism is, by definition, government ownership of the means of production. But for all intents and purposes? Hitler’s Germany was not national socialism for that reason, but it might as well have been.

  4. That should be “crony socialism”, commissar.

    National socialism is, by definition, national government control of the means of production and other property, or, in most cases, control by a powerful extremist cabal within the government. International socialism is when property is controlled by a super-national group of thugs.

    Hitler’s Germany was national socialism. Stalin’s Soviet Empire was national socialism that engaged in efforts to achieve international socialist domination through bribery, espionage, assassinations, and fifth-column operations — notably within media.

  5. Christine Kim

    Clearly this author hasn’t read about Korea’s economic history–if he had, he would realize that until regulations were put into place, crony capitalism was the norm because the financial firms were allowed to run themselves and dictate what the rules of the game were. Nor has he read up much about American history, either. Ever since Reagan deregulated, capital and savings banks invested in junk bonds because they had all the freedom they wanted. How did the US respond? MORE deregulation that came in waves, the pinnacle of which were done during Bush Jr.’s time in office.

    Regulation = crony capitalism? You’ve got to be joking. It depends on what KIND of regulation and to WHAT EXTENT.

    1. How come FDIC doesn’t have that problem?

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