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12/5/13 at 11:28 PM 0 Comments

How Governments and Big Business Corrupt Capitalism

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Video blogger Amanda Billyrock has created a series of videos to explain in simple terms the concepts of economics.

This video explains how governments and corporations work together and distort capitalism. Lobbyists influence politicians to write laws benefitting various industries. This practice is sometimes called corporatism or crony capitalism and it robs consumers.

Investopedia defines crony capitalism as:

A description of capitalist society as being based on the close relationships between businessmen and the state. Instead of success being determined by a free market and the rule of law, the success of a business is dependent on the favoritism that is shown to it by the ruling government in the form of tax breaks, government grants and other incentives.

Economics in One Lesson - Parity Prices

 Billyrock says, "Broken window fallacy won't go away." Do you know what that means? If not, check out this video.

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