On October 2nd I will be moderating a panel on crony capitalism with Professor Zingales, Peter Schweizer, and David Stockman. I look forward to hearing Zingales’ take on the snowballing American crony capitalist state given his unique perspective as a U. of Chicago business professor and Italian expatriate.
Below an introduction to Zingales for those who don’t know him.
(From the Independent)
“Such pro-business favoritism continued under George Bush who moved away from Ronald Reagan’s pro-market principles, backing big business with subsidies and protection. So did the Democrats, who pushed policies like public-private partnerships that were sucking money from the taxpayer but claiming to be for the good. And then came the bailouts under President Barack Obama.
As ideological differences between Democrats and Republicans have dwindled, there’s a new target – or rather cow – to be milked, and that’s the taxpayer. Professor Zingales points out that when growth is high, it’s easier to satisfy everyone without burdening future generations. But when that pie shrinks – as it is today – the temptation to shift the burden on to someone else is irresistible, which is why you get expanding budget deficits and welfare costs.”