An Occasional Lecture: Crony Capitalism vs. Entrepreneurial Capitalism


  • 26/06/2012
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The Institute of Economic Affairs would like to invite you to an Occasional Lecture: Crony Capitalism vs Entrepreneurial Capitalism, presented by Fred L Smith Jr, President and Founder, Competitive Enterprise Institute, Washington, DC.

Why does Crony Capitalism (a societal negative sum game) wax while Entrepreneurial Capitalism (a very positive sum game) wanes?  “Even the most rational commentators,” a recent book noted, “believe that companies bribe, lie and cheat as a matter of routine.”  Of course, some do but is that really a good (or even profitable) business plan?  As Schumpeter noted long ago, if crony capitalists are the only face of business, entrepreneurial capitalism is unlikely to survive.  Fred Smith passionately suggests that an alliance of entrepreneurial capitalists and free market intellectuals is essential if liberty is to survive. Join us for a lively and enjoyable discussion.

Fred Smith is the founder and president of the Competitive Enterprise Institute, a free market public policy group and international NGO in Washington, DC. He addresses complex policy issues ranging from the environment to corporate governance on TV, radio and print outlets.  As a former policy analyst with EPA, Fred speaks with candour about the true cost of government regulation.