The Grammar of Economics: Crony Capitalism

Tuesday, February 16, 2010

Crony Capitalism

Economics is about Human Action.

Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.

What is the answer to crony capitalism? You will find that Providence points to limited state powers or you will end up with this:

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Look up the laws of economic liberty

Liberty's Dictator, our triune God, tells us His law word needs to be established in every area of life. Economics is one of those areas. The world economy today is doomed because it's two classes, the hosts and the parasites, are morally and religiously corrupt. Instead of being a participant of that fiat law order of economic private property destruction (sooner or later); recognize, learn, and establish the law that is regenerating (to name a few):

Not to steal money stealthily Lev. 19:11
The court must implement punitive measures against the thief Ex. 21:37
Each individual must ensure that his scales and weights are accurate Lev. 19:36
Not to commit injustice with scales and weights Lev. 19:35
Not to possess inaccurate scales and weights even if they are not for use Deut. 25:13
Not to move a boundary marker to steal someone's property Deut. 19:14
Not to kidnap Ex. 20:13
Not to rob openly Lev. 19:13
Not to withhold wages or fail to repay a debt Lev. 19:13
Not to covet and scheme to acquire another's possession Ex. 20:14
Not to desire another's possession Deut. 5:18
Return the robbed object or its value Lev. 5:23
The court must implement laws against the one who assaults another or damages another's property Ex. 21:18
Not to murder Ex. 20:12
Not to accept monetary restitution to atone for the murderer Num. 35:31
The court must send the accidental murderer to a city of refuge Num. 35:25
Not to accept monetary restitution instead of being sent to a city of refuge Num. 35:32
Not to leave others distraught with their burdens (but to help either load or unload) Deut. 22:4
Conduct sales according to biblical law Lev. 25:14
Not to overcharge or underpay for an article Lev. 25:14
Not to insult or harm anybody with words Lev. 25:17
Not to cheat a convert monetarily Ex. 22:20