Thursday, August 23, 2012

CRONYISM IS NOT CAPITALISM


WHAT'S A CRONY?

In an economically free society, the role of business is to create value for society by producing products and services that their customers consider beneficial. If they do this while using resources wisely, they make a profit, and societal wellbeing is enhanced.
Cronyism diverts resources away from the wants and needs of consumers and toward political purposes. Cronyism occurs when an individual or organization colludes with government officials to create unfair legislation and/or regulations which give them forced benefits they could not have otherwise obtained voluntarily. Those benefits come at the expense of consumers, taxpayers, and everyone working hard to compete in the marketplace.

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