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QOTD: Business vs. Big Business September 4, 2009

Posted by federalist in Markets.
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James Taranto clarifies a distinction that often trips up detractors of free-market proponents, who claim that being pro-capitalism is the same as being a shill for corporations:

A useful distinction can be drawn here between business (commercial activity) and big business (large corporations or industries acting collectively to seek economic advantages from the political system). Those of us who adhere to free-market principles are pro-business, in that we think commerce is a good thing, but owe no allegiance to corporations or industries as such.

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1. federalist - September 13, 2009

Or as Cliff Asness puts it:

Libertarians are often accused wrongly of loving “big business,” but we don’t, particularly when corporate executives predictably turn themselves into crony capitalists who try to succeed by wheedling from the government. On the other hand the socialists love cronies of all sorts, ones who command large enterprises all the better. Liberals are far closer than libertarians to building and countenancing the all-powerful corporate state they claim to fear. Odd I know!


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