Excellent article! But look who wrote it!
In his Washington Post article, Summers argues for capitalism operating under a rule of law that applies to everyone, not a capitalism that is based on “deals” with government. We agree. The only problem is that coming from Summers it is the height of hypocrisy.
Summers favors policies that put government more and more in control of the economy, which is a sure recipe for crony capitalism. If the government runs everything, how can special interests not try to buy the government?
When in past years this former economist for World Bank, former Treasury Secretary, and former president of Harvard seemed to be arguing for less government control in specific cases, was it sheer coincidence that Wall Street was the beneficiary, and Wall Street was paying him large sums for very little?
Then, of course, Summers signed on as chief economic advisor to President Obama. In this role, he not only helped expand government control of everything. In addition, he served an administration in which green energy subsidies just happened to go to Obama major donors and the bill increasing taxes on the rich just happened to include subsidies for Obama corporate allies that exceeded any increased tax revenue.
It would be nice to think that Larry Summers has had a conversion experience and now really does oppose crony capitalism. But it seems more likely that the “conversion” would not have happened if Mrs. Clinton had won the presidency.