Editor Note: Three years ago, Randall Holcombe, the DeVoe Moore Professor of Economics at Florida State University, published an important essay in the Cato Journal, “Political Capitalism.” MasterResource is pleased to republish his summary as Part I of our four-part series. The lineup is political capitalism (today), contra-capitalism (tomorrow), and business-history scholarship (Wednesday and Thursday). Professor Holcombe’s contribution is also timely given the recent rent-seeking-friendly $1.3 billion, Republican/Democrat, 2,322-page Consolidated Appropriations Act of 2018.

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“While political capitalism as an economic system has barely been recognized, the building blocks that form a theoretical foundation for political capitalism are firmly in place and well-accepted. In political science and sociology, the ideas of elite domination and biased pluralism are mainstream concepts that are a fundamental part of political capitalism.”

“The two greatest enemies of free enterprise in the United States … have been, on the one hand, my fellow intellectuals and, on the other hand, the business corporations of this country.”

– Milton Friedman. “Which Way for Capitalism?” Reason, May 1977, p. 21.

“To put it plainly, T. Boone Pickens is out to save America.”

– Carl Pope (Sierra Club). Quoted in Dean Calbreath, “Pickens Pitches Plans to Shift U.S. Away From Oil,” San Diego Union Tribune, June 25, 2008.

They are not against capitalism. They can be very charismatic, in the know, and mainstream. They may be industry leaders. They are always politically correct and receive good press. And they can, often do, pledge allegiance in the abstract to the American way of free enterprise.…

Many readers of MasterResource are undoubtedly aware of the ‘Featured Analysis‘ blogs at the Institute for Energy Research (IER). I blog at IER (my employer) in addition to my MasterResource work.

Below, my posts at the IER website are linked. In addition, my ‘Political Energy‘ posts at Forbes.com are listed as a reference guide. Here are the links to my 2017 work for those interested.

IER Posts

“Kathleen Hartnett White: A Scholar for CEQ” (October 18)

“Scary Sea Level Rise? Check Your Science” (September 8, 2017)

“Al Gore’s Energy Problems” (August 25, 2017)

“Climate Optimism, Energy Realism for the Next Generation” (August 11, 2017)

“Milton Friedman on Energy” (July 31, 2017)

‘Deep Decarbonization’ vs. Direct-Use Natural Gas (July 14, 2017)

“James Hansen’s Failed Ultimatums: A Free Market, Anyone?”…

“If it were only so simple to pass a law and increase income and wealth. ‘One of the great mistakes is to judge policies and programs by their intentions rather than by their results,’ as the late free -market economist/educator Milton Friedman once said.”

The Houston Chronicle, as yesterday’s post documented, has gone from bad to worse in the hydrocarbon capital of the United States and world. The New York Times of Houston (the proper name for our supposedly hometown paper) seems to be at war with not only Donald Trump but also skeptics of climate alarmism and the free market more generally.

Along with climate-alarmist unsigned editorials, guest editorials, (selected) letters-to-the-editor, and cartoons, the Chronicle is all-in with Progressive notions. Consider the lead editorial on Labor Day, September 4, 2017.…