Analysis & Opinions - The Washington Post
Trump's Version of Capitalism Looks a Lot Like Revenge — and it Endangers Our Democracy
In response to the Carrier caper after the election last year, I decried the Trump administration’s preference for what I called ad hoc deal capitalism. I noted that the practice was characteristic of developing countries and earlier times in the United States and that it was much less conducive to prosperity and freedom than capitalism based on the predictable rule of law.
Until last month, there had been fewer cases of deal capitalism than I had feared. But in the last month, policy has taken an ugly turn toward the selective and ad hoc use of government power — not to reward political friends but to punish political adversaries. Government rewards encourage cronyism and rent-seeking and waste public resources. Targeting adversaries may chill dissent and threaten democracy.
Two examples stand out.
Want to Read More?
The full text of this publication is available via the original publication source.
For more information on this publication:
Belfer Communications Office
For Academic Citation:
Summers, Lawrence.“Trump's Version of Capitalism Looks a Lot Like Revenge — and it Endangers Our Democracy.” The Washington Post, November 27, 2017.
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In response to the Carrier caper after the election last year, I decried the Trump administration’s preference for what I called ad hoc deal capitalism. I noted that the practice was characteristic of developing countries and earlier times in the United States and that it was much less conducive to prosperity and freedom than capitalism based on the predictable rule of law.
Until last month, there had been fewer cases of deal capitalism than I had feared. But in the last month, policy has taken an ugly turn toward the selective and ad hoc use of government power — not to reward political friends but to punish political adversaries. Government rewards encourage cronyism and rent-seeking and waste public resources. Targeting adversaries may chill dissent and threaten democracy.
Two examples stand out.
Want to Read More?
The full text of this publication is available via the original publication source.- Recommended
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