CEI Weekly: 'Occupy Wall Street' Confuses Capitalism with Crony-Capitalism

Friday, October 14, 2011



Feature: CEI President Fred Smith gives his take on the 'Occupy Wall Street' movement.

FEATURED STORY: 'Occupy Wall Street' Confuses Capitalism with Crony-Capitalism


The nation is currently divided on the Wall Street protests. Some argue the demonstration is a justified reaction to income inequality in America; others see the protesters largely as rebels without a real cause. In USA Today this week, CEI President Fred Smith took a more nuanced position: He explained that 'Occupy Wall Street' activists have cause to be upset, but what they should be attacking is crony-capitalism, not capitalism, since free-market capitalism benefits the many, while crony-capitalism benefits only the few. Read the full piece here.





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October 13, 2011: Occupy Wall Street


CEI Founder and President Fred Smith compares the Occupy Wall Street movement with the Tea Party movement and finds similarities as well as differences. Both oppose bailouts and other forms of corporate welfare. But, as he points out in a recent USA Today op-ed, he fears the Occupiers are confusing such crony capitalism with the real thing. If corporations have undue influence over government, making that government bigger and more powerful will only worsen the problem. The solution is separation of corporation and state.