Edmund S. Phelps and Saifedean Ammous write,

This shift of power from owners and innovators to state officials is the antithesis of capitalism. Yet this system’s apologists and beneficiaries have the temerity to blame all these failures on “reckless capitalism” and “lack of regulation,” which they argue necessitates more oversight and regulation, which in reality means more corporatism and state favoritism.

Pointer from Mark Thoma. Reminded me of The Idea Trap.