Volume 2, Part 10

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The Catholic Church has historically criticized the excesses of capitalism AND condemned communism! Catholics must be aware of and reject the various manifestations of communism AND the excesses and distortions of capitalism.

Laissez-faire capitalism would free markets from any and all government controls and provide no protections for either capital or labor. Crony capitalism describes a situation in which business success depends on close relationships with government officials." Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties ... influence the economy and society to the extent that it corrupts public-serving economic and political ideals. In its lightest form, crony capitalism consists of collusion among market players ... [But] is generally associated with more virulent government intervention ... More direct government involvement can lead to specific areas of crony capitalism, even if the economy as a whole may be healthy. Governments will, often in good faith, establish government agencies to regulate an industry. However ... it is not uncommon for current industry players to gain control of the "watchdog" and use it against competitors. The military-industrial complex ... is often described as an example of crony capitalism .... Government backing let Fannie and Freddie dominate mortgage underwriting. 'The politicians created the mortgage giants, which then returned some of the profits to the pols - sometimes directly, as campaign funds; sometimes as 'contributions' to favored constituents.[(G. O'Driscoll, former V.P., Federal Reserve Bank, Dallas]'

"In its worst form, crony capitalism can devolve into simple corruption ... Bribes to government officials are considered de rigueur and tax evasion is common ... Capitalists oppose crony capitalism ... consider it an aberration ... incompatible with a true free market ... 'state corporatism' ... the result of an excess of socialist-style interference in the market ... 'crony socialism' ... (Wikipedia)"

Deacon Joseph B. Gorini, Mechanicsburg PA <///><  [First Published October 30, 2011]

Category: Volume 2

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