An interview with friend of ACC Peter Schweizer on how crony capitalism infects a society and mutates the economy.
It’s an enormous threat to our country because there are very few advocates for outright socialism anymore. But what you are seeing is that many people on the left are basically looking to use the market system for progressive ends and so they come up with very seductive ideas like public/private partnerships. They talk about the need we have that will be beneficial to our economy and to our country for there to be a growth in, say, green energy. And it’s a very noble sounding ideal. The problem is that when it actually comes to implementation, given human nature and given the nature of politics, the loans and grants go to friends and allies rather than to people who are most deserving based on technological breakthroughs and consumer demand.
So I think it is undermining what creates prosperity in this country, which is free market capitalism.