Sunday, May 29, 2005
I find American laisez faire capitalism to be amusingly hypocritical. Enterpreneurial enthusiasts love 'disruptive innovation', at least as long as they are not the ones whose business is disrupted, they think predatory mergers and acquisitions are just part of the game. The think 'crony capitalism' is something found in other countries. But then when energy or other commodity prices go up they start complaining about obscene profits. But the simple fact is that every commodity producer, of any commodity anywhere, dreams of controlling the market, high prices and pricing power for that commodity. Fisherman dream of high prices for fish, oil producers dream of high prices for oil.