The Problem of Crony Capitalism Today

Speaking at a session of the Hillsdale College lecture series Money: History and Controversies, Discovery Institute Senior Fellow dissects “The Problem of Crony Capitalism Today,” discussing how the rise of the regulatory state has brought about an increasingly cozy relationship between Washington and big business. Lobbying, Walton points out, has evolved from companies protecting themselves from such things as tax increases and regulations, to using the political process to help them become more profitable–the central problem being that the size and scope of the federal government is such that it’s impossible to know where business starts and government ends. Watch Bill Walton’s talk below, or view it on YouTube.