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3min chapter
Michael Munger on Industrial Policy
EconTalk
Capitalism in a Democracy - Is That the Third One?
I used to defend capitalism. But then I realized capitalism in a democracy tends towards cronyism. The capitalist that results when it interfaces with democracy is disgusting. It bails out Wall Street losers, subsidizes big agriculture. These are things you and I oppose. We're not politically important. And so the capitalism we observe in the world around us is cronyist. So let's just hang on. Is that the three things?
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