Thursday, August 18, 2011
Economist Noted 150 Years Ago That Corruption At the Top Leads to Lawlessness By The People
I've repeatedly noted that corruption at the top leads to lawlessness by the people.
William K. Black - Associate Professor of Economics and Law at the University of Missouri at Kansas City, and the former head S&L regulator - notes that conservative French economist Frédéric Bastiat said the same thing more than 150 years ago.
Specifically, Bastiat said that corruption and "plunder" by government officials causes lawlessness among the people (skip to the second half of the following interview):
Unfortunately, the lawlessness by those at the top will lead to lawlessness by the people. This will lead to the break down of the economy and the financial system ... and society as a whole.