Chris Dillow — On Capitalist Hegemony

Asymmetrical power.

State capture by elites arises from asymmetrical power in societies rather than asymmetrical power being created by the state. "Might makes right." There are many factors involved in might other than physical force, but in the end, physical force is the ultimate enforcer. But in a cultured society, that is generally kept in the background and under liberalism, the elite has learned to be clever instead of brutal. But when push comes to shove....

Capitalism, like feudalism, is an economic system based on rent extraction. Asymmetrical power is the basis for rent extraction.

A wise man (one of my mentors) often said that to understand the world, study power.

Stumbling and Mumbling

On Capitalist Hegemony

Chris Dillow | Investors Chronicle