Why the pope is wrong about “speculators”

• Jun 6, 2017

Pope Francis blames speculators for the growth of bureaucracy and burdensome regulations that disadvantage “real entrepreneurs, honest managers” to the benefit of “those who can find the means to circumvent controls and reach their goals.” But a better phrase is “crony capitalism,” where large, politically well-connected enterprises compete unfairly against small firms without the same friends in government.