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the mid-1800s. Cambridge economist Ha-Joon Chang notes that “patents were granted without proof of originality,” leading to importation of already-patented technologies and rent-seeking by racketeers who sought to profit from already-existing innovations. Bankruptcy law in America was also nonexistent, or immature at best. It wasn’t until
The Revolutionary Center: The Lost Genius of Liberalism
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who can afford to work for nothing in their early careers (‘pupillage’) and prevent solicitors from appearing in court. The academic world is rife with rent-seeking: tenured professors who force their juniors to do most of the grunt work, public relations departments that oversell the benefits of a university education, and
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lieutenants, proclaimed. ‘Equally, any honest Democrat will admit that we are now all Friedmanites.’ Yet success proved dangerous. Thinkers who had once been hypersensitive to rent-seeking and self-aggrandizement changed their tune when they were doing the seeking and aggrandizing. At home, neoliberal policymakers allowed bankers to pile debt upon debt
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relevant, liberals need to be as hard on today’s corporate elite as they were on the corporatism of the 1970s. Wake up to the rent-seeking that is rife in the corporate world. Pay more attention to the long-term consequences of large firms acquiring promising start-ups. Get tougher on
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42–4, 47, 182 toleration/freedom of 38–48, 175–6, 259 See also individual religion and church name Renaissance 8, 25, 36, 40, 200 rent-seeking 140, 147, 203–6, 255 ‘republic of letters’ 40–41 Republican Party, US xi, xiii, xiv, 27, 85, 103, 156–8, 169–71, 190, 198
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, 184–5, 188–91, 228, 230 liberal philosophers and 62, 71, 105, 120, 165, 312 meritocracy and 33, 34, 36–7, 144, 264, 264–84 rent-seeking and 140 residential model 36–7 Trump and 171 university settlement movement 75 University of California, Berkeley 188, 267, 270 University of Chicago 37, 203
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Fire. 76.For examples of other emphases, see Morrill, Revolt of the Provinces; Harris, London Crowds; for doubts about Stuart tyranny harming trade, Zahedieh, “Regulation, Rent-Seeking, and the Glorious Revolution.” 77.For a strong argument that the Glorious Revolution of 1688 was indeed very revolutionary, see Pincus, 1688. 78.Kynaston, Till
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Lives in Early Modern Britain. Yale University Press, 2000. Wrigley, E. A. Energy and the English Industrial Revolution. Cambridge University Press, 2010. Zahedieh, Nuala. “Regulation, Rent-Seeking, and the Glorious Revolution in the English Atlantic Economy.” Economic History Review 62, no. 4 (2010): 865–90. Zelin, Madeline. The Merchants of Zigong: Industrial
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of solidarity that should not be obscured by party stripe or reductionist ideological labels: nobody likes corporate welfare (as the left would call it) or rent-seeking (as it’s named by the right) unless one is among those insiders directly benefitting from said largess. The left and right came together to
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have to serve the public. A liberal economic analysis to these problems might describe the informal networks of competing private interest as variously productive or rent-seeking, depending on whether the activity at hand created or depleted economic resources. Varied critics of the Soviet economy have interpreted the collapse of the public
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much held over a table as conducted on a rack. It was the only way to enforce a concept as peculiar and universally rejected as rent-seeking from medicines. This is the story of how one of history’s worst ideas took root against centuries of tradition and came to dominate the
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its own structure by hiring people who fit its shape, adding people to fill subordinate support roles. Its members are also incented to engage in rent-seeking behaviors that take advantage of the power structure rather than focusing on simply delivering value to customers.3 It may seem that Valve would be
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