The title of this blog entry refers to this earlier one:
It’s time to revisit that issue. Look at this meme:
The whole premise of that meme is a lie. Capitalism and corporatism are one and the same and have been for at least 300 years. The attempt to make a distinction between them is profoundly dishonest, implying that “real” capitalism does not exist. If so, it never did and never will. The only real alternative to crony capitalism is Democratic Socialism, period.
Here’s what really happens:
A individual has an idea.
That individual forms a company and makes a product with that idea.
Consumers give the company money for the product.
The company becomes successful.
Someone else has a better idea and creates a better product.
The first company uses its money to buy out the new product from its inventor and sells it in addition to or even instead of the original product, increasing its profitability and leaving the actual inventor with almost nothing later.
As a result, the company makes money no matter what product it sells.
Always remember this: Those who already have a lot of money will always have an unfair advantage over those who don’t.
Government corruption does NOT produce corporatism. Tyranny and abuses can also come from economic forces too if government does nothing to stop them with policies such as “trust-busting” and progressive income taxation, among other tools at government’s disposal to redistribute wealth. That is why Libertarianism is worthless.