Most complaints about capitalism actually target “cronyism,” an economic system distinct from free-market capitalism. In contrast to cronyism, free-market capitalism promotes morality and leads to numerous social benefits.
Tom Palmer of the Atlas Network and Cato Institute made those points today during a presentation to the John Locke Foundation’s Shaftesbury Society. Palmer was exploring key themes from a new book he’s edited titled The Morality of Capitalism.
In the video clip below, Palmer distinguishes cronyism from capitalism.
3:05 p.m. update: Click play below to watch the full 1:03:30 event.
You’ll find other John Locke Foundation video presentations here.