A Quote by Raghuram Rajan
Because the free market system is so weak politically, the forms of capitalism that are experienced in many countries are very far from the ideal. They are a corrupted version, in which powerful interests prevent competition from playing its natural, healthy role.
Related Quotes
Unless there is free and fair competition, there can't be healthy economic development. And what we have in Burma now is not an open-market economy that allows free and fair competition, but a form of colonialism makes a few people very, very wealthy. It's what you would crony capitalism.
The dreams of "leaving it up to the market" or of returning to a politically neutral gold standard cannot succeed because the nature of the monetary system has a profound impact on the interests of powerful groups and states. Affected groups and states will always try to intervene in the operation of the system to make it serve their interests.
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political parties. One may condemn the fraud and the current system, but it must be called by its proper names ? Keynesian inflationism, interventionism, and corporatism.
Ignorance, as well as disapproval for the natural restraints placed on market excesses that capitalism and sound markets impose, cause our present leaders to reject capitalism and blame it for all the problems we face. If this fallacy is not corrected and capitalism is even further undermined, the prosperity that the free market generates will be destroyed.
I am a conservative Republican, a firm believer in free market capitalism. A free market system allows all parties to compete, which ensures the best and most competitive project emerges, and ensures a fair, democratic process.
We do not have free market capitalism in America; we have crony capitalism. There is a huge difference between free market capitalism that democratizes a country and makes us more efficient and prosperous and corporate crony capitalism.
Yes, agriculture subsidies are far too generous. They need to be reined in because they cater to special interests while distorting free market competition. Yes, the farm laws are an anachronistic mess.
The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries.
The underlying issue is the system of capitalism itself, and under this system the best means for regulating or checking their power is not relying on a government which represents the interests of the rich but for millions of working people to become politically active in workplaces and communities through building unions and our own political party.
The fact is that many countries that call themselves free succumbed to medical dictatorship...people are sicker and less healthy...A country which mandates vaccination is not a free country...It is a country of zombies who do what they are told by vested interests who intimidate them and use them to make money.
Many countries which are no longer able to afford their public health systems, which have made certain promises within their countries to purchase from free market or from other economies, are approaching us seeking help with the supply of generic drugs, which is opening a very big room of opportunity for us.
In the whole history of capitalism, no one has been able to establish a coercive monopoly by means of competition in a free market...Every single coercive monopoly that exists or ever has existed...was created and made possible only by an act of government...which granted special privileges (not obtainable in a free market) to a man or a group of men, and forbade all others to enter that particular field.
As the great naturalist Charles Darwin saw clearly, individual and collective interests often coincide, as in the invisible hand narrative. But he also saw that in many other cases, interests at the two levels are squarely in conflict, and that in those cases, individual interests generally trump. That simple observation suggests that market failure is often the result not of insufficient competition (the traditional charge from social critics on the Left), but of the very logic of competition itself.
Free enterprise capitalism has been the most powerful creative system of social cooperation and human progress ever conceived, but its perception and its role in society have been distorted.
I still believe that workers must be the basic force which must organize and eventually transform society (along with peasants in poor countries). This is because they are the source of the profits which make capitalism what it is. They can shut the system down, and at the same time they possess the unique knowledge needed to make it work in everyone's interests.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist