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johnm h Wrote: Nov 18, 2012 7:09 AM
The term was first used in Marcos' Philippines. It was coercive. While it included government guarantees to private loans for cronies who provided a standard 50% kickback, the main thrust was control by cronies of sugar and copra buying, and control of imports which the principle export industries used. Here it is going to be very similar but far more complex because we don’t just export coconut oil and refined sugar. Obama care will give them control of the insurance industry, eventually big pharma, and medical devices. The banking system is already controlled, or already in control. Next will be energy.
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johnm h Wrote: Nov 18, 2012 7:11 AM
. The outward appearance of crony capitalism is private sector capitalism but it’s cronies and control all the way down. It doesn’t even look outwardly like fascism. Marcos didn’t have to kill many, or round them up; with total economic control he just ruined them and if they were worth it, a crony took over. It turns out monopsony power is far more powerful than monopoly. The US will be turned into a company town.
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Tacitus X Wrote: Nov 18, 2012 9:07 AM
You're example just makes my point. The Marcos government had ultimate control of property and people (which = socialism since control = ownership). Who cares what it "looked like"? You can dye a skunk to look like a cat but it still stinks. Capitalism refers to free markets, which means voluntary exchange by private owners - not coerced appropriation by government. Too many are beguiled by the rhetoric to see the reality.
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SMyles Wrote: Nov 18, 2012 6:04 AM
Leftist term? Not at all. Private corporations willingly colluding with government is crony capitalism. Government control of private corps. is fascism. Those two are not the same as socialism.
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Tacitus X Wrote: Nov 18, 2012 8:57 AM
Even if that were correct the accurate term would be crony fascism. Fascism is a variant of socialism and the differences are mainly rhetorical rather than actual practice. Socialism is a political-economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise. Any introductory book on property law begins with the point that control = ownership. Hitler laughed at those who said his National Socialism wasn't as socialistic as the communists because he often left title to property and day-to-day operations in private hands when it served his purposes. "The communists only socialize property; we socialize men."
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Following his re-election President Obama wasted no time in rallying his progressive and crony capitalist allies to address the fiscal cliff.
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