Categories:
Political Economy
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.
READER COMMENTS
R. Richard Schweitzer
Feb 4 2012 at 6:10pm
The shift due to inter alia fragmentation of “ownership,” has generated the managerial age. It is not Corporatism it managerialism.
Regulation is simply another form or layer of management. It is the means by which the powers of management and managing can be derived into politics for political power and financial gain.
If you don’t want it, get the politics out of “money.”
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