Zingales Talks Crony Capitalism in the Economist

I look forward to moderating a panel on crony capitalism in New York this Fall which will include Professor Zingales.

In the attached interview he says he believes it is important that we insert more competition into areas of the economy currently distorted by government intervention.

He also talks about the morality of capitalism, which is an important discussion to have.

(From The Economist)

“There is not a well-understood distinction between being pro-business and being pro-market. Businessmen like free markets until they get into a market; once they are in it they want to block entry to others. Pro-marketeers want free markets at all times. The more conservative pro-marketeers are fearful of criticising business, because they assume they will be seen as criticising the free market. But we need to stand up and criticise business when business is not helping the cause of free markets.”

(The Economist, Prospero, 8-23-2012)