Capitalism is an economic system that includes private ownership of the means of production, creation of goods and services for profit or income, accumulating capital, competitive markets, and wage labor.
Market Socialism is an economic system in which the political sector is more powerful and possesses more influence compared to a free-market system where the government sector remains small and therefore provides less opportunities for businesses to seek political favors. The larger the government budget and the more the economy is regulated, the more opportunities for cronyism exists. Redistribution via social welfare, nationalization of the means of production and government regulation form the framework of market socialism.
Crony capitalism is a misnomer. It is an economy in which success in business depends on close relationships between business people and government officials exhibiting itself in favoritism, permits, government grants (taxpayer money), tax breaks (someone has to pay though and it will be you, not them), et cetera.
Crony capitalism arises when political cronyism develops an incestuous relationship in the business world with self-serving relationships between business and government which influence the economy and society to the extent that it corrupts public-serving economic and political ideals.
There is no such thing as crony capitalism – they are antithetical. Crony Market Socialism is the proper terminology. Look at the prior definitions from WIKI and tell me where I’ve gone wrong.
The examples of crony socialism in this administration are multitudinous. It is a very unfair system which allows the greatest wealth to circulate from the government to supporters who will get them re-elected, all at taxpayer expense. The taxpayer is essentially paying for the re-election of the very people who support crony socialism and cannot count on being even considered in the decision making – their loyalties belong to the influence peddlers.
I now have another example of crony socialism for you –
- Jim Rogers is the CEO of Duke Energy Corp. and he is the co-chairman and lead fundraiser for the Democratic National Convention host-committee. He and his wife have given hundreds of thousands to Democratic candidates and to the DNC, $19,200 went to Obama.
- Rogers has offered a $10 million line of credit to help finance the convention and it will be backed by the Duke shareholders though “in theory” they pay it back if it is used.
- Not to fear – nothing crony about this – it’s all to “showcase the city of Charlotte. Nothing more, nothing less,” according to the Duke spokesman. That’s a bald-faced something.
- The 2009 stimulus package provided Duke with federal grants totaling $230.4 million for a number of “green” energy projects including “smart grid” development and wind energy storage. This created 196.6 jobs (whether they were high tech or low skilled jobs I don’t know, perhaps a combination). They received a $350,000 grant to assist GM in developing my favorite car, the Volt! They received other monies.
- Rogers is active in DC and has spent $26 million plus in lobbying the federal government on energy-related issues since 2007.
- It gets better. They hired the George Soros-Obama central planner, John Podesta and his brother (Center for American Progress) to lobby. Rogers paid the $860,000 to lobby to “support the passage of climate change and energy legislation” and “energy efficiency and clean energy solutions,”
- Duke used to give more to Republicans for energy but reversed course in 2010. Read here: Free Beacon