Capitalism is simply an economic system that requires all parties engaged in trade to consent to the transaction. If there is no consent, it is without exception, not capitalism, but theft. This, of course, includes taxation.
Crony capitalism is a capitalist economy corrupted by government that has acquired the power to interfere with fair trade, and so either blatantly manipulates the market for direct profit, or officials are bribed by corporations who want to use legislation and regulation to give themselves an unfair advantage.
The reason capitalism always turns into crony capitalism is because government is not kept in check. If officials have no power to manipulate the free market, there can be no 'crony' capitalism -- which by the way -- is just Socialism.
'capitalism' is defined by capital, aka $$$$. A materialistic view of value for human activities. In this sense, it differs from a free market economy, where the value of human freedom is the defining element, not capital.
Aside from that, I think your description is on target. It is unchecked government that undermines the free market, that and corruption.
It would be correct if he said "crony capitalism" Real Capitalism does not allow the gangsters to take over anything.
Why does real capitalism seem to always turn into crony capitalism? It starts to sound the same as when socialists say the USSR wasn't real communism.
Capitalism is simply an economic system that requires all parties engaged in trade to consent to the transaction. If there is no consent, it is without exception, not capitalism, but theft. This, of course, includes taxation.
Crony capitalism is a capitalist economy corrupted by government that has acquired the power to interfere with fair trade, and so either blatantly manipulates the market for direct profit, or officials are bribed by corporations who want to use legislation and regulation to give themselves an unfair advantage.
The reason capitalism always turns into crony capitalism is because government is not kept in check. If officials have no power to manipulate the free market, there can be no 'crony' capitalism -- which by the way -- is just Socialism.
'capitalism' is defined by capital, aka $$$$. A materialistic view of value for human activities. In this sense, it differs from a free market economy, where the value of human freedom is the defining element, not capital.
Aside from that, I think your description is on target. It is unchecked government that undermines the free market, that and corruption.
Almost the entire world's money are fiat. [ paper not backed by tangible assets ]
A fiat system in a society is not a Capitalist society.
Therefore, almost all or the world's societies are not capitalist.