October 20, 2011

Crony Capitalism and the 1%

By Glenn

We can easily see the speck in our neighbor’s eye.  Why can’t we see the 1% in our own?

 “Formed with a $10 million endowment from the U.S. Agency for International Development, the Egyptian Center for Economic Studies gathered captains of industry in a small circle — with the president’s son Gamal Mubarak at the center. Over time, members of the group would assume top roles in Egypt’s ruling party and government.”

We have lost all sense of dividing public and private affairs. The great success of the 20th century was to set “public policy” and let individuals compete on a level playing field.

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