Occupy Wall Street & Capitalism: A Professor’s Response
The Occupy Wall Street movement expresses valid frustrations, but do the protesters aim their accusations in the wrong direction?
Economics Professor Chris Coyne draws the distinction between crony capitalism and legitimate capitalism. Crony capitalism is government favoritism fueled by handouts and is responsible for the plight of the 99%. Legitimate capitalism, on the other hand, uses competition to align consumer and producer interests and serves to improve everyone’s standard of living.