When private interests need a political favor, they know whom to call. When politicians need money, they also know whom to call. The people involved try to keep most of it concealed behind closed doors.
This is the system that prevailed in Russia after the fall of Communism. But increasingly it is America’s system as well.
Many people regard Wall Street as the epicenter of American capitalism. In reality it is the epicenter of American crony capitalism. Where Wall Street stops and Washington begins is impossible to say. This situation was not caused, as many suppose, by the Crash of 2008. Rather the Crash was caused by the longstanding Wall Street–Washington partnership. But the problem extends far beyond Wall Street to every corner of America.
If we are going to do anything about our present economic problems, and also give the poor a chance at a better life, we will need to eliminate crony capitalism and restore an honest economy.
Although full of hair-raising stories, this book is also about solutions. It tells us in clear and simple terms what is wrong and what needs to be done about it.
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Austrian Economics, Freedom and Peace