4/24/12

STIGLITZ on Rent Seeking and Crony Capitalism: "America Is Being Devoured By Parasites"

"...we have set in motion an adverse economics and an adverse politics.

A lot of American inequality is caused by rent-seeking:
Monopolies, military spending, procurement, extractive industries, drugs.

...we have a lot of parasites.

The hopeful view is that the economy can grow if we rid ourselves of the parasites
and focus on the productive sectors.

But in any disease there is always the risk
that the parasites will devour the healthy body parts."

Economist Joseph Stiglitz

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