All Capitalism is Crony Capitalism

Capitalism isn't about free trade or competition, but about the extraction of wealth by owners of capital. When markets work, they'll use them, when competition hurts them, they'll fight it

Crony capitalism, therefore, is just capitalism operating as intended by those who benefit from the economic status quo.

[tuuudes]

Excellent video. This touches on something I find lacking in a bunch of educational content about economics, which is that is accepts definitions of capitalism at face value which are so simplistic and idealized that they barely even apply to what we see in the real world, if at all. I'm not well-read in terms of Marx, but what I've heard is that Capital was his attempt to go beyond the simplistic "property rights and free exchange" definitions and create a coherent view of capitalism as it actually exists.

[brandonthedestroyer]

Basically, help the wealthy and let the poor suffer

[ishitunot]

Just letting you know Chirto I will try and listen to you when i can..keep up the the good work.

[Twister-V]

I agree that people use the term crony capitalism/corporatism to write off the flaws of capitalism, but stating they're the same or the 'logical conclusion of capitalism' is not necessarily true, every economy that has existed for a long period of time is a mixed economy, capitalism has direct flaws particularly with aspects like housing and renting shelter. We can impose tactical regulations to possibly fix this problem or a public service to aid people access to this and that's not cronyism, cronyism would be when lobbyist directly aid law makers to make laws to benefit them against the competition, not a separate process. For an example Hong Kong before China took over it there were some regulations but the process of creating a company and competing in the market there was very easy compare that to corporatist russia where the process of creating a company is very difficult and growing a business would follow aswell. I don't think most people are advocating for an unfettered capitalist system and those who do would probably be the ones writing off the flaws of capitalism as cronyism.

[concerned]

Totally agree. It's capitalism at its best/worst (depending which side you're sitting on).

[undeadblizzard]

I stumbled across this video. You are very clear in what you say. I am once again little depressed. in School and some College I had a surface understanding of Capitalist. For long time I thought this how the world work. However now I ask that is shouldn't and change is needed or we will die.