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David Gordon on the True Nature of Our Economic System

September 25, 2013 in Economics

By Mises Updates

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In his latest book review for Mises Daily, David Gordon reviews hunter Lewis’s new book on crony capitalism:

The result of this governmental takeover of the economy has predictably been dire. “Many of the new mega rich of the 1990s and 2000s got their wealth through their government connections. Or by understanding how government worked. This was especially apparent on Wall Street. … This was all the more regrettable because, in a crony capitalist system, the huge gains of the few really do come at the expense of the many. There was an irony here. Perhaps Marx had been right all along. It was just that he was describing a crony capitalist, not a free price system, and his most devoted followers set up a system in the Soviet Union that was cronyist to the core.” (p. 17)

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Source: MISES INSTITUTE

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