The surprise Republican primary victory of libertarian economic fantasist and teacher of economics Prof. David Brat in Virginia’s conservative 7th District has highlighted a point of agreement between the progressive left and far right/libertarians like Brat: both say they are against “crony capitalism”. While Brat came across to voters and most of the press as a “true believer” in a religiously-tinged libertarian-style economics that decries subsidies and state involvement in industry, the actual sordid history of libertarianism is that it has functioned as an effective cover for corporate lobbying and government’s regulatory and economic support of the interests of the wealthy and large corporations, i.e. crony capitalism. “Libertarianism,” largely a politicized strain of the social philosophy called Austrian economics, was invented after WWII as a lobbying instrument for the interests of corporations like General Motors, at the time amply boosted by federal government spending during the war yet apparently wanting to, in the public eye, disassociate itself from that help after the war.
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