Jackson, much like the current OWS folks, was a strange blend of sometimes frontier anarchist and sometimes tyrannical authoritarian. But in the case of the Second Bank, the OWS movement could well learn from Jackson. He didn’t propose new and greater powers for government officials to help check abuses of the existing powers — he proposed to kill the Bank entirely. Eliminate the source of power, and men can no longer tap it for their own enrichment.
Unfortunately, the progressive Left which makes up most of the OWS movement has taken exactly the opposite approach over the last century or so, expanding government powers and economic institutions (such that today the scope of the second bank seems quaintly limited) and thus the opportunity for cronyism. In fact, most of the interventions that make crony capitalism possible are facilitated and enabled by the very progressive legislation that the progressive Left and the OWS protesters tend to favor. Consider some examples…
Friday, January 13, 2012
Crony Capitalism? Blame the Progressives
That is the purposely inflammatory title of my article this week at Forbes.com, finding the roots of crony capitalism not in capitalism itself, but in progressive legislation. An excerpt: