The Nigerian free-marketeer blogger in Lagos goes in on U.S. President Barack Obama's economic policies. He argues that the liberal Democratic president's cronyism on behalf of a few favored companies — Google, Microsoft, General Electric, to name a few — undermines the free market: "Let’s forgo the appointment of the CEO of GE, Jeffery Immelt, as Obama’s top outside economic advisor as an act of cronyism. Say because he’s in the best position, as a top notch Executive of one of the biggest United States multinational[s]. But I strongly feel that the $210 million given to GE as funds from economic stimuli law, as a means of kickback, was quite unnecessary. Not because it wasn’t needed, but essentially because the company had a total 2010 revenue that was over $150 billion. More importantly, GE has recovered from the recession far much better than many other companies in the US."
More commentary from Mr. Olagunju, about cronyism vs. the free market: "The beauty of free market lies in the concept of capitalism. The economy becomes empowered in a system wherein individuals are free to pursue their own dreams and interests, make voluntary decisions and hold private property rights in goods and services. Basically because the economy works better when individuals can grow rich essentially by being able to offer better values better products or services, at a lower price than others are able to offer. Capitalism sees to it that consumers and producers trade at mutually agreed prices without any form of cohesion. Cronyism which empowers a few at the expense of many is a lot different from a free market system. Capitalism is genuine, like the variation in many beliefs we consider good, cronyism is the screwed up version."
Lanre Olagunju Op-Ed: Capitalism, Cronyism, & Obama
