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Cronyism, Incompetence & Immorality

Many bow down to the wisdom of markets, the invisible hand, unfettered capitalism, lobbyists, and hidden relationships. What is the inevitable result? Isn't the natural state of unregulated markets cronyism? Monopolies? Corruption? Kickbacks and payoffs? Boom and busts? Mass panics? Any evidence on where we are? Heading?
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