Democrats are right that corruption or cronyism helps drive wealth inequality.
Here's the big mistake that Warren and Sanders make: Their rhetoric suggests that all top fortunes are ill-gotten, and all wealth inequality stem from cronyism.
Most of the top wealth in the United States is earned in competitive industries, not from cronyism.
The broad-brush denunciations of wealth by Warren and Sanders would make more sense in countries such as Russia or Venezuela, where cronyism dominates.
Finally, The Economist created a "Crony capitalism index" using the Forbes list to estimate billionaire wealth in each country obtained from crony and non-crony activities.
The United States is seventh least corrupt of 22 countries, and U.S. billionaire wealth earned in crony activities is only about one-sixth as large as that earned in non-crony activities.
Warren and Sanders are wrong to paint most or all of top U.S. wealth as cronyist.
https://www.nationalreview.com/2019/10/democrats-are-partially-right-about-wealth-and-corruption/
Here's the big mistake that Warren and Sanders make: Their rhetoric suggests that all top fortunes are ill-gotten, and all wealth inequality stem from cronyism.
Most of the top wealth in the United States is earned in competitive industries, not from cronyism.
The broad-brush denunciations of wealth by Warren and Sanders would make more sense in countries such as Russia or Venezuela, where cronyism dominates.
Finally, The Economist created a "Crony capitalism index" using the Forbes list to estimate billionaire wealth in each country obtained from crony and non-crony activities.
The United States is seventh least corrupt of 22 countries, and U.S. billionaire wealth earned in crony activities is only about one-sixth as large as that earned in non-crony activities.
Warren and Sanders are wrong to paint most or all of top U.S. wealth as cronyist.
https://www.nationalreview.com/2019/10/democrats-are-partially-right-about-wealth-and-corruption/
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