We don’t call it “mutant capitalism,” we call it crony capitalism. But the main point made in the attached article is vitally important.
What many young people know as “capitalism” is not capitalism. They’ve known only crony capitalism. Many young people have never seen a world in which the economy was allowed to breathe and one where people were generally free to start businesses and carve out a claim while helping fulfill the needs and desires of their fellow humans. No wonder they are confused.
Real capitalism, free enterprise, creates wealth and makes the world a better place. Crony capitalism consolidates wealth in the hands of cronies both in industry and in government. Real capitalism offers a way to a better life for the poor and middle class. Government dominated crony capitalism keeps people in economic castes and limits social mobility.
(From The Wall Street Journal)
Does this mean millennials have come to disdain capitalism? Not exactly. We might call it “capitalism” in opinion surveys, but in reality young people are rejecting a system that they have only been led to believe is capitalism.
For many, capitalism isn’t about free enterprise, nor is it about the startups and innovation. When they hear the term, millennials think about Wall Street bailouts, corporate greed, political scandals and tax codes riddled with loopholes for the wealthy and connected. Yet this has little to do with what equal-opportunity capitalism actually is: A system providing all Americans with a chance to use their unique skills to create a business with free access to different markets and customers.