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This is CBS. I on the world. I'm John Batchel. The consumers. The consumers are the heroes of planet Earth, especially American consumers. We hold the economy of the Earth together.

More than 70% of our GDP is because we like to push the Amazon button or go shopping or buy new things. We're good at it. I welcome Julia Cartwright, a senior research fellow in law and economics at the American Institute for Economic Research, writing for Civitas Outlook, part of Civitas Institute at the University of Texas at Austin.

To identify, yes, the consumers are heroic, but the younger consumers have a very low opinion of the genius of capitalism and have a very high opinion of the less than persuasive socialism. Why?

Because the consumers are suffering being ill-treated by our corporate masters. Julia, a very good

evening to you. You make an excellent case that capitalism is fine, but corporatism is not.

Is there an easy version of corporatism before we get on to rent seeking?

Good evening to you.

Good evening.

Thank you very much for having me.

The best way to understand corporatism or crony capitalism is thinking about politics and business being intertwined

rather than separate. So as you pointed out, many folks have, especially younger generations,

have a very negative view of what they conceptualize as capitalism. But that isn't the markets

on their own or businesses on their own.

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