The Free Market versus Crony “Capitalism”

Nearby is a Venn diagram showing the intersection between Goldman Sachs and the federal government: people who before or after were attached to both.

This is one reason that the current political-economic system will continue to fail. Those who exercise positions of political influence are not about the let particular so-called private institutions go under (there have been exceptions, of course). The idea is that they will use the ill-defined systemic-risk notions to preserve the status-quo.  This is why I floated, two years ago, the idea that perhaps the government must break up the large financial institutions so that they can fail without dragging us all (particularly me) down with them. My positive program for laissez-faire, so to speak.

A picture is worth a thousand words!

The Big Story of Crony “Capitalism”

About Mario Rizzo 75 Articles

Affiliation: New York University

Dr. Mario J. Rizzo is associate professor of economics and co-director of the Austrian Economics Program at New York University. He was also a fellow in law and economics at the University of Chicago and at Yale University.

Professor Rizzo's major fields of research has been law-and economics and ethics-and economics, as well as Austrian economics. He has been the director of at least fifteen major research conferences, the proceedings of which have often been published.

Professor Rizzo received his BA from Fordham University, and his MA and PhD from the University of Chicago.

Visit: Mario Rizzo's Page

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