[Red Badger]

The Aristocracy of Pull is Ayn Rand’s term used to describe a society in which political pull, rather than production and trade, has become the rule. It resembles feudalism, in which people compete to gain the favor of government officials so they can rule over one another and pillage as they pleased. Frederic Bastiat also used the term “legal plunder” to describe those who “succeed” by convincing friends in government to use the law for their own benefit.

[Red Badger]

PING!....................

[eyeamok]

“The Law” should have been required reading for the last 50 years, because it was about 50 years ago when I read it the first time.

[Boogieman]

“If virtually everyone agrees that “the system” is controlled by elites for their benefit and at the expense of everyone else, why is it this way and why don’t we replace it with something better?”

Because the left will only agree to replace those elites with commissars who would be even worse.

[Publius]

Atlas ping.

I'm surprised the article didn't mention Robert Heilbroner and his concept of "government capitalism."

[Taxman]

Ping

[alexander_busek]

As he points out, people do not generally demand “big government” in general. Rather, they demand intervention to solve specific problems when people believe using government is either cheaper or more - efficient? - equitable? - than just relying on the market.

Copy-editor asleep at the switch!

Regards,

[alexander_busek]

The Aristocracy of Pull is Ayn Rand’s term used to describe [...]

I see no benefit to inventing new terms like "Aristocracy of Pull" or "Political Capitalism."

The hoary old expression "Crony Capitalism" describes it perfectly!

Regards,

[Diana in Wisconsin]

Good read, Thanks!

“Economic policy is not made by economists, it is made by politicians...”

But do we really want ‘economists’ like, ‘I’m Wrong All The Time’ Paul Krugman making policy, either?

*SMIRK*