Modern Capitalism In a Nutshell

I don’t understand all the fuss about the new President-Elect who refuses to relinquish personal control over his corporate empire. Critics call it a “conflict of interest.” This shows a basic lack of understanding of the finer points of “evolved” modern capitalism.

  • You can’t make money off of other people’s money. They have to consent to give it to you.
  • If they won’t give it to you, con them out of it.
  • If they won’t be conned, pass laws so you can legally just take it from them.

There are corporate exceptions, of course. They stand out like shining beacons on a rocky, stormy shore.

What happened?

Modern “Capitalism” scarcely resembles that “laissez-faire” Capitalism originally envisioned by Adam Smith and early followers, who saw value as the product of labor, not money and influence. They saw economic prosperity as the result of free trade within the same fabric of existing laws and courts that we live under, not as an end-run around them. Most of those pioneer economists would undoubtedly have been horrified to see what we have done in their name.

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