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Watch: In Minutes, This Video Proves What REALLY Crushes An Economy (It’s Not What You Think)
Generation Opportunity just released an effective video explaining the costs of crony capitalism to consumers.
Crony capitalism is when certain interest groups successfully lobby the government to get favorable treatment by the government, often at the expense of the competition and the consumer.
The video first offers the example of Uber being banned from Nevada. Who would protest such an innovative way for people to get around Las Vegas and other communities in the state? The taxi companies, of course.
The website Air B&B (allowing individuals to rent out rooms to travelers) similarly experienced efforts to shut it down, or at least restrict the innovative service, from the hotel industry.
The city of Chicago passed a law to put the kibosh on food trucks being able to operate within 200 feet of a restaurant.
“Government will tell you that these laws are in place to protect us, and [we] get it – we want laws to keep people from [stabbing or stealing],” the narrator says. “But to keep us from finding a ride, renting out our homes, or getting a dang quesadilla from a food truck? It just ain’t right.”
Generation Opportunity President Evan Feinberg said: “‘When We Choose’ is about innovation vs. cronyism. Laws promoted by special interests allow protected businesses to grow lazy, discouraging competition, limiting choices, and bumping up prices. But when our generation is able to choose what works best for us, we have the power to reward principled businesses that meet our needs and desires – and shun the ones that don’t.”
In a famous interchange, talk show host Phil Donahue asked Milton Friedman, Nobel prize winning economist and co-author of the best-selling book Free To Choose: “Did you ever have a moment of doubt about capitalism?”
Friedman responded, in part: “The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus…The record of history is absolutely crystal clear. There is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free enterprise system.”
Donahue followed up, asking if capitalism rewards self-interest rather than virtue, implying government control is the best way to address it. Friedman responded, in part: “Is is true that political self-interest is nobler than economic self-interest? You know I think you are taking a lot of things for granted. Just tell me where are we going to find these angels to organize society for us. I don’t even trust you to do that.”
This post originally appeared on Western Journalism – Equipping You With The Truth
Source: http://www.westernjournalism.com/watch-in-minutes-this-video-proves-what-really-crushes-an-economy-its-not-what-you-think/
I don’t need no stinkin’ video. CENTRAL BANKS CRUSH EVERY ECONOMY. ALWAYS HAVE AND ALWAYS WILL.