Crony Capitalism

 

Gandhi was once asked what he thought about western civilization. He replied it would be a good idea. I feel that way about capitalism. Many of my friends are big supporters. I am more sceptical. m

Scott Galloway calls what we have  crony capitalism.  He liked capitalism; he hates crony capitalism. This is what he said to Bill Maher, who also likes capitalism:

 

“Capitalism is hands down the best system of its kind. What young people are seeing today is not capitalism. We have rugged individualism on the way up and then we have ‘we’re all in this together on the way down.’ We have socialism. Capitalism on the way up where 5 CEOs of airline companies make $150,000,000 and use all their excess cash flow to buy-back stocks so that they artificially inflate their own compensation and then shit gets real when a pandemic comes they don’t have any money and all of a sudden its ‘we’re in this together.’ When you have capitalism on the way up and socialism on the way down, that’s not capitalism or socialism it is cronyism. It is the worst of all worlds. Capitalism is full-body contact violence at a corporate level so we can create prosperity and progress that rests on a bed of empathy. We have flipped the script here. We need to be more loving and empathetic with people and more harsh on companies. We should be protecting people not companies. Fucking Delta? Burn baby burn!”

Larry Wilmore made an important point. He said, “we have not had pure capitalism for 150 years. We are constantly redefining what capitalism is”

 

In the period of the new deal we expanded what government could do. It could bring social security and unemployment insurance. It could bring things that at one time were considered uncapitalistic. Now that does not matter. Perhaps in the US Obama care will be accepted as a proper government benefit. Socialized medicine, as the Americans like to call it, has been an acceptable governmental interference in the economy in all western countries except for the United States.

 

The Republicans in 2016 rode to victory on a platform of dismantling Obama Care. For the first two years the Republicans had a Republican president and a Republican Senate and a Republican House of Representatives and could not kill Obama Care. Perhaps it is also here to stay. How many Republicans campaigned to dismantle Obama Care in the 2020 elections? Not many. They were largely afraid to try that. So they ran on no platform. Their only platform was “I like Trump.” What ever that meant.

 

In Canada no political party in 40 years has campaigned to dismantled Medicare. It is a sacred trust. It does not matter that it is not capitalism. No one in Canada cares.

Capitalism? Yeah that’s something we should try some time.

Leave a Reply