Crony capitalism — businesses capturing the state for commercial advantage, serving politicians and officials instead of the public — ought to be brought to an end. A prerequisite to that is a good understanding of how social cooperation in the market works. Israel Kirzner’s, How Markets Work: Disequilibrium, Entrepreneurship and Discovery (PDF) provides a brief and readable explanation. From the book’s page at the IEA: Human action consists of ‘grappling with an essentially unknown future’, not being confronted with clearly-specified […]

Tags: Austrian School, Books, Capitalism, Crony capitalism, Kirzner, LearnLiberty.org, Markets