Friday, July 15, 2016

Crony

"Government spending on business only aggravates the problem. Too many business have successfully lobbied for special favors and treatment by seeking mandates for their products, subsidies (in the form of cash payments from the government), and regulations and tariffs to keep more efficient competitors at bay. Crony capitalism is much easier than competing in an open market. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want."
--Charles Koch
(1935-) American businessman and philanthropist
Source: Koch, Charles (March 1, 2011). "Why Koch Industries Is Speaking Out". The Wall Street Journal.

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