Austrian Economics/Sherlock Hibbs Symposium Fall 2023

Dr. Christopher Coyne, professor of economics at George Mason University, visited the Trulaske College of Business on Oct. 27, 2023, to deliver “Capitalism vs. Political Capitalism: The Future of the American Economy” as part of the college’s biennial symposium focused on Austrian economics.
In his talk, given to students, faculty, staff and members of the community in Cornell Hall’s Bush Auditorium, Dr. Coyne addressed:
Should you be pessimistic about capitalism and the future of the American economy? Many are, and it isn’t hard to see why. The global financial crisis, the Great Recession, the COVID-19 pandemic, and ongoing concerns about international trade with China and Russia have heightened skepticism about the benefits of markets. Dr. Christopher Coyne offered reason for optimism by discussing the important distinction between capitalism and political capitalism. Capitalism is a system of competition, rivalry, and voluntary exchange that is the engine of personal and societal growth and flourishing. Political capitalism, in contrast, is a system of entanglements between privileged private actors and government which benefits the few at the expense of the many. Appreciating this distinction and considering what can be done to limit the harms of political capitalism is of crucial importance to the future of the American economy.
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