Crony Capitalism is the Norm In Juneau

The debate in Juneau over oil tax credits has captured the attention of most Alaskans by now. Alaska is paying out over $700 million more in oil tax credits than we get in production taxes. This arrangement where we pay more in tax credits than we get in production taxes is projected to last until 2025. But below the surface lies a much deeper debate over the fundamental nature of capitalism in our society. Capitalism is generally defined as an economic system where private individuals control the means of production for their own profit. A danger of capitalism has always been when…