Not Socialism

A recent public opinion poll showed that something like 55 percent of Americans think President Obama is a Socialist. This interesting post from Dan Mitchell begs to differ with the public on this. According to Mitchell, Obama is, in fact, a fascist - in the Mussolini sense of the word.

Granting that the word fascist has some pretty ugly connotations, Mitchell prefers to use the label Corporatist. Funny, that sounds like something I've been saying. I love it when smart people agree with me. Read the whole thing.

Even Ron Paul Agrees With Me

I've stated a few times that what we have in America is not Capitalism but Corporatism. Apparently, now former presidential candidate, Ron Paul agrees with me too.

Here are my previous posts on the topic.

Corporatism Redeux

Corporatism is Self-Defeating

It's Not What You Think

Corporatism is Not Capitalism

Corporatism Is Self-Defeating - The Great Milton Friedman

Little other commentary is needed. Free markets means free markets and capitalism works best in free markets. I'll say it again: What we have in the United States is not Capitalism, it is Corporatism.

It's Not What You Think

I am the only person that I know personally who has read Adam Smith's The Wealth of Nations, which is the bible of Capitalism. I contend that what we have in the United States now is not Capitalism but is, instead, Corporatism. Nobel laureate Joseph Stiglitz apparently agrees with me. It's nice to see them come around.