(Adam) Smith knew the difference between being sympathetic to the competitive economy—which he called the “system of natural liberty”—and being sympathetic to owners of capital (who might well have acquired it by less-than-kosher means, that is, through political privilege). He knew something about business lobbies.(Sheldon Richman)
Very true, and it's a distinction we have lost. We should not be "pro business," we should be pro-free market, and let the capitalists take care of themselves.
"The proposal of any new law or regulation of commerce which comes from this order [that is, 'those who live by profit'], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it." (Quoted by Sheldon Richman)
Liberal Michael Kazin has written an article I agree with. First, he calls out Republicans for being hypocrites on the issue keeping business and government separate...
So it is ironic, if not hypocritical, that they constantly peddle a notion about the separation of business and government that has no basis in American history.
Conservatives now object to “crony capitalism,” but for much of U.S. history, businessmen have been hungry for it. Since the early nineteenth century, the government has helped fuel economic growth and corporate profit-making, and savvy businessmen and, recently, businesswomen have lobbied hard to keep those benefits coming. (Why Crony Capitalism is as American as Apple Pie)
All true, but is he really arguing that if we see that a policy we supported is wrong we should stick to it to avoid being hypocritical?
We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive. -- C.S. Lewis
It’s a good critique that is historically accurate, but then the author ruins it by making a common progressive mistake of conflating genuine government duties of infrastructure-building, with true crony capitalism
But I give him credit for discussing the good and the bad, because life is full of trade-offs. The big bad trusts that TR’s progressive government busted got big and bad through government protection. Big business welcomed government food safety laws knowing people would see the USDA stamp as a stamp of approval, while the onerous regulations would run the small guys out of business and act as a barrier to new entrants.
See also:
The Myth of the Free-Market American Health Care System
True Capitalists are Pro-Market, not Pro-Business
But I give him credit for discussing the good and the bad, because life is full of trade-offs. The big bad trusts that TR’s progressive government busted got big and bad through government protection. Big business welcomed government food safety laws knowing people would see the USDA stamp as a stamp of approval, while the onerous regulations would run the small guys out of business and act as a barrier to new entrants.
See also:
The Myth of the Free-Market American Health Care System
True Capitalists are Pro-Market, not Pro-Business
