Crony capitalism Quotes

“The test of an economic system lies in the choices it offers, the alternatives that are open to the people living under it. When choices are limited by coercion of one sort or another, the system must fall short of meeting the test in greater or less degree. The virtue of a free system – i.e., competitive capitalism – is that it allows energy to flow uncoerced into a thousand-and-one different forms, expanding goods, services, and jobs in a myriad, unpredictable ways. Every day, under such a system, a consumer’s plebiscite (the phrase is Ludwig von Mises‘) is held, the vote being counted in whatever money unit is the handiest. With his votes the consumer directs production, forcing or luring energy, brains and capital to obey his will.”

“We can't, it seems, live without [capitalism] even as we complain about it.”

“But suppose, for the sake of argument, free competition, without any sort of monopoly, would develop capitalism trade more rapidly. Is it not a fact that the more rapidly trade and capitalism develop, the greater is the concentration of production and capital which gives rise to monopoly?”

“Failure to recognize the historical specificity of the bourgeois conception of rights and duties leads to serious errors. It is for this reason that Marx registers...a vigorous indictment of the anarchist Proudhon... Proudhon in effect took the specifics of bourgeois legal and economic relations and treated them as universal and foundational for the development of an alternative, socially just economic system. From Marx's standpoint, this is no alternative at all since it merely re-inscribes bourgeois conceptions of value in a supposedly new form of society. This problem is still with us, not only because of the contemporary anarchist revival of interest in Proudhon's ideas but also because of the rise of a more broad-based liberal human rights politics as a supposed antidote to the social and political ills of contemporary capitalism. Marx's critique of Proudhon is directly applicable to this contemporary politics. The UN Universal Declaration of Human Rights of 1948 is a foundational document for a bourgeois, market-based individualism and as such cannot provide a basis for a thoroughgoing critique of liberal or neoliberal capitalism. Whether it is politically useful to insist that the capitalist political order live up to its own foundational principles is one thing, but to imagine that this politics can lead to a radical displacement of a capitalist mode of production is, in Marx's view, a serious error.”

“A good portfolio manager knows which companies to keep and which ones to let go. Many a GP has struggled with portfolio companies that cannot meet their value-creation milestones, or raise additional follow-on rounds of capital, or generate target returns in a time span of, say, five to seven years. The faster you recognize those losses, the better it is.”-“As David Cowan says, “Just focus on your top five—the rest is distraction.” The harder part of the investor's discipline is to know when to quit.”-“You have to constantly scan all of those things and be willing to adjust your own sense of what's a reasonable outcome and move the company into a position where it has the maximum chance to succeed. ”-“Time is your enemy: Portfolio companies always take twice as much capital and twice as long to exit. Early-stage companies rarely meet milestones as planned and always burn cash faster than anticipated.”

“Capitalism is the fullest expression of anarchism, and anarchism is the fullest expression of capitalism. Not only are they compatible, but you can't really have one without the other. True anarchism will be capitalism, and true capitalism will be anarchism”

“First —we should restrain our anti-colonialist joy here— the question to be raised is: if Europe is in gradual decay, what is replacing its hegemony? The answer is: 'capitalism with Asian values' (which, of course, has nothing to do with Asian people and everything to do with the clear and present tendency of contemporary capitalism as such to suspend democracy). From Marx on, the truly radical Left was never simply 'progressist'. It was always obsessed by the question: what is the price of progress? Marx was fascinated by capitalism, by the unheard-of productivity it unleashed; it was just that he insisted that this very success engenders antagonisms. And we should do the same with the progress of global capitalism today: keep in view its dark underside, which is fomenting revolts.What all this implies is that today's conservatives are not really conservative. While fully endorsing capitalism's continuous self-revolutionizing, they just want to make it more efficient by supplementing it with some traditional institutions (religion, for instance) to constrain its destructive consequences for social life and to maintain social cohesion. Today, a true conservative is the one who fully admits the antagonisms and deadlocks of global capitalisms, the one who rejects simple progressivism, and who is attentive to the dark obverse of progress. In this sense, only a radical Leftist can be today a true conservative.”

“Before capitalism will go to hell, then, it will for the foreseeable future hang in limbo, dead or about to die from an overdose of itself but still very much around, as nobody will have the power to move its decaying body out of the way.”

“Deleuze and Guattari describe capitalism as a kind of dark potentiality which haunted all previous social systems. Capital, they argue, is the ‘unnamable Thing’, the abomination, which primitive and feudal societies ‘warded off in advance’. When it actually arrives, capitalism brings with it a massive desacralization of culture. It is a system which is no longer governed by any transcendent Law; on the contrary, it dismantles all such codes, only to re-install them on an ad hoc basis.”

“A term like capitalism is incredibly slippery, because there's such a range of different kinds of market economies. Essentially, what we've been debating over—certainly since the Great Depression—is what percentage of a society should be left in the hands of a deregulated market system. And absolutely there are people that are at the far other end of the spectrum that want to communalize all property and abolish private property, but in general the debate is not between capitalism and not capitalism, it's between what parts of the economy are not suitable to being decided by the profit motive. And I guess that comes from being Canadian, in a way, because we have more parts of our society that we've made a social contract to say, 'That's not a good place to have the profit motive govern.' Whereas in the United States, that idea is kind of absent from the discussion. So even something like firefighting—it seems hard for people make an argument that maybe the profit motive isn't something we want in the firefighting sector, because you don't want a market for fire. ”