The Tom Woods Show, episode 14003.

Prepare to set fire to the index card of allowable opinion.

Your daily dose of liberty education starts here, the Tom Woods Show.

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curriculum through ronpaulhomeschool.com. Hey everybody, Tom Woods here. Randy Holcomb is back with us again.

He's got a brand new book on crony capitalism, and it's called Political Capitalism, How Economic and Political Power is made and maintained, published by Cambridge University Press.

Randy is a professor of economics at Florida State University. He's a research fellow at the Independent Institute.

He's past president of the Society for the Development of Austrian Economics, many other credentials.

But most importantly, for our purposes, he's the author of this book on an increasingly important topic.

Randy, welcome back.

Great to be here, Tom. Thank you for inviting me on.

What is your goal in this book, Political Capital Capitalism?

Well, that's a big question.

Really what I wanted to do was to paint political capitalism as a distinct and separate economic system.

And one of the big lessons out of the book, I think, is that one of the biggest threats to capitalism, it's not

socialists, it's capitalists. Capitalists themselves are undermining the system of market capitalism

and displacing it with political capitalism. And so how would we define political capitalism as a system?

...