Open Thread: Cronyism Isn't Capitalism

One of the persistent themes on the campaign trail for many liberals is the idea, best exemplified by President Obama's "you didn't build that" remark and also the anti-capitalist rants of Massachusetts Senate candidate Elizabeth Warren, that people who work hard for a living somehow are undeserving of their success. That attitude likely originates from the mistaken belief that cronyism, collusion between private industry and government, is capitalism.

Unfortunately, more cronyism is the inevitable product of the expansion of the regulatory state. The more power bureaucrats and politicians have over business, the more likely business is to become interested in synergy with the government. Below the fold is a video from the Crony Chronicles, a new website which looks to spread awareness of this growing problem.

Economy Open Thread