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What Gives Rise to “Crony Capitalism”?

The term crony capitalism has appeared frequently in the popular press of late, but rarely has it been used—let alone defined—in the academic literature. Independent Institute Research Fellow Randall...

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Libertarian Wishful Thinking

As a rule, libertarians incline toward wishful thinking. They constantly pluck little events, statements, and movies from the flow of life and cry out, “Eureka! Libertarianism is on the march!” With...

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Jim Crow and the Progressives

Historians often speak glowingly about the Progressive movement of the late 19th and early 20th centuries. Typically they write off the racist statements made by many of its leaders—Herbert Croly, John...

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Creative Destruction—The Best Game in Town

In his justly famous 1942 book Capitalism, Socialism and Democracy, Joseph A. Schumpeter described the dynamics of a market economy as a process of “creative destruction.” In his view, innovation—“the...

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All Government Policies Succeed in the Long Run

A crazy claim you are probably thinking after reading my title. After all, “failed policies” are a staple of discussions and debates about government actions in the United States. Everybody, regardless...

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Big Pharma, Trial Lawyers, and Harry Reid Kill Patent Reform

Now that the smoke has cleared after the collapse of efforts to push patent litigation reform legislation through Congress, pundits are busy discussing just what happened. The President and members of...

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Classifying America: Government’s Power to Define Is the Power to Discriminate

In one of the most famous phrases uttered by a Supreme Court justice, Potter Stewart defended his ruling in an obscenity case (1964) by refusing to offer a clear definition. Instead, he stated: “I...

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The Anachronistic 1979 Oil Export Ban

Political pressure is building to repeal the 1979 ban on U.S. exports of crude oil to the rest of the world. I blogged on that issue recently in Inside Sources, which was picked up by Orangeburg, South...

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