Etienne makes a good point; we should stop using the term "crony capitalism" and instead use...

Etienne makes a good point; we should stop using the term "crony capitalism" and instead use cronyism, corporate welfare, or government favoritism.

Stop Calling It Capitalism When It’s Government Favoritism.

Words have specific meanings. Unfortunately, capitalism is frequently misused by supporters and critics alike. Too often, what people defend or condemn is not free-market capitalism at all.

For the purposes of this essay, I use capitalism to mean free-market capitalism: an economic system based on private property, voluntary exchange, competition, freedom of entry and association, and freedom of contract—including wages negotiated without government-imposed minimums.

In a free market, businesses must satisfy customers to earn profits. Persistent losses can signal that resources would be better used elsewhere. Rather than rescuing failing firms with taxpayer money, the free-market perspective is to allow the market process to work.

Some call government favoritism crony capitalism. I dislike that expression because it still associates the problem with capitalism. Calling someone a “nice jerk” doesn’t change the fact that you’re calling that person a jerk. Likewise, attaching crony to capitalism leaves the impression that capitalism itself is the problem. Why not simply call it cronyism, corporate welfare, or government favoritism? The defining feature is political privilege, not voluntary exchange.

Full article: https://gst.artofliberty.org/v....oluntaryist-news/sto