Why should we allow the word “Crony” to besmirch the word “Capitalism”? Crony ______ism is not Capitalism, of any kind.
“Capitalism” itself is a word that ought to be questionable. The implication is that it is a system based on a theory. As such it is used as an antonym to “Socialism”. Socialists probably coined the word “Capitalism” in order to create a false dichotomy, a false debate between two economic systems. But this is not so. Socialism is a system. What is called “Capitalism” is merely descriptive of the sum total of exchanges between free adults making rational decisions in their own interests. It is not a system. It is not based on any Theory. Adam Smith’s “Wealth of Nations” was not a founding document for a system. It was merely a description of the economic behaviors of free people. It is not a “Capitalism’s Manifesto”!
“Capitalism”, as an “ism”, with its cigar smoking or monocle-wearing plutocrat was invented as the “thesis” required for Socialism’s “antithesis”. By using their word we are colluding with Socialists! We should exclusively use the term “Free Enterprise” and refuse to countenance “Capitalism”. Notice how “Crony-Free Market economics” is self-contradictory. It does not compute. How can a free people freely exchanging goods and services be aligned with cronyism?
A crony, requires a “croner”. A croner is a person with the authority to use the power of the state to grant boons to his pals. His pals are “cronies”. Therefore for there to be cronies, there must be “croners” and for there to be croners, there must be a state apparatus powerful enough to intrude upon the free exchange of goods and services to favor certain connected pals over the non-connected.
Socialism with its overtly state-controlled economy is no more than the means of creating a Croner Class! To those who use the term “Crony Capitalism” I would reply “Crony Socialism”. I might add under my breath “I would if it weren’t a redundancy!”