Rick Lowe
If I don't have work from the office on a weekend I love to watch a video to help me get a better understanding of Capitalism, and the video below of Dr. Tom Palmer is one of them.
Dr. Palmer is a Senior Fellow with the Cato Institute and he recently discussed the financial crisis and cronyism at the John Locke Foundation about Capitalism.
Find out more about The Morality for Capitalism here…
Download a pdf copuy of the book here…
Enjoy Dr. Palmer's lecture below.
Again we must draw a careful distinction between human greed and corruption.. Basically all of us human beings are greedy for as a rule we tend to follow the economic principle of maximize the resources (capital) which are available to us.. In reality this is simply human nature.. This not really a bad thing and is the economic reward for good old hard work..
Corruption on the other hand is were basic human greed takes on an immoral or dishonest posture by the exploitation from a position of power or trust for personal gain.. This is actually cronyism in its purest form.. We should not forget that cronyism exists in not only in the private sector but in the government (public) sector as well.. In the Bahamas we know all to well about political cronyism as it is all around us.. But let us never forget that such cronyism is both immoral and dishonest and that we must be careful to draw a distinction between human greed and outright corruption..
That’s about it for now, I wonder what others may think??
Thanks for the video tutorial! This is another appreciative video tutorial by Dr. Tom Palmer on Crony Capitalism I watched. He takes very useful step in this case. I like the impression you made here and keep up this.