Cronyism and Capitalism

Cronyism and Capitalism

Professor Kurt Gerwitz discusses misconceptions about capitalism. The largest teachers union in Colorado, known as the Colorado Education Association, recently released a statement criticizing capitalism for its alleged exploitation of children, labor, and resources, among other concerns. It is argued that capitalism is frequently misconstrued and wrongly associated with cronyism, as it is not inherently exploitative; rather, it is the actions of the government that can lead to exploitation. The foundation of America is rooted in the idea of providing equal freedoms to all, and capitalism has played a significant role in enabling human flourishing by prioritizing personal freedoms. However, the rise of cronyism and socialism poses a threat to these cherished gifts, risking the reversal of progress. It is often overlooked by many, both within society and in positions of power, that deviating from capitalism can potentially lead to a slippery slope toward anarchy and disaster. Listen to the full interview in the second hour.