Wednesday, January 12, 2011

"Kremlin capitalism" - an oxymoron

Peter Foster is ticked off by abuse of the language:

It is galling ... that Mr. Putin’s thuggish regime is constantly referred to as “Kremlin capitalism,” “state capitalism,” or “crony capitalism.”

Kremlinism, statism, and cronyism are all in fact negations of capitalism, which is a system based on private property and the rule of law. Government is needed to protect the system, but that does not mean that it is compatible with anything that government chooses to do.
... Many people understandably fail to grasp that capitalism is not necessarily what is either practised or preached by capitalists. Capitalism is an ideal, but unlike the socialism of state control it is an attainable, and moral, one. ...

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