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    Saving capitalism from its biggest enemies

    Capitalism’s biggest enemies are not the firebrand trade unionists spewing vitriol against the system, but the executives in pinstriped suits extolling the virtues of competitive markets with every breath while attempting to extinguish them with every action.

    Raghuram G. Rajan and Luigi Zingales, economists at the University of Chicago Graduate School of Business, echo the criticism of Adam Smith. “People of the same trade seldom meet together but the conversation ends in a conspiracy against the public, or in some diversion to raise prices,” Smith wrote in The Wealth of Nations. Raghuram and Rajan in “Saving Capitalism From the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity” (2003).

     

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