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« Anthony Evans on Why We Need Liberalization Not Regulation | Main | Did Bernanke Prevent Another Great Depression? »

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Capitalism comes in many flavours. Milton Friedman sometimes made a useful distinction between capitalism and competitive capitalism.

My website www.politicalcapitalism.org contains some definition and terms that might be of interest.

Thanks Pete--the check is in the mail.

The distinction between market entrepreneurs and political entrepreneurs is helpful, as demonstrated by Tom DiLorenzo on the so-called robber barons of the gilded age.
http://mises.org/story/2317

Pete,

Great post, especially the point about long term value creation.

What do you think about the argument put forth by many politicians, and some economists, that the bonus salaries of investment bankers and traders in the financial sector has created an institutionalized immorality which drives employees to ignore rules and break laws in their pursuit of obscenely large profits, thereby contributing to destroying the financial system?

I'm asking because the EU heads of state just met this week and agreed that because of this, federal EU legislation must in the future limit bonus payments to a certain amount, because the market cannot solve the situation by itself.

Best,

David

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