BLOWN CALLS IN SPORTS, CAPITALIST COMPETITION, GOVERNMENT AS REFEREE, DEMOCRATIC CAPITALISM VERSUS ELITE CAPITALISM, AND MERIT CAPITALISM VERSUS HEREDITARY CAPITALISM

Donghyun Park

Chapter 21 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 89-93 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The raw, muscular, dynamic capitalism of entrepreneurs and firms competing vigorously with each other to capture consumer dollars is, in essence, a contest. The quality of any contest depends critically on the rules of the game as well as the accuracy and impartiality with which the rules are enforced. A good game needs a good referee. Sports fans around the world vividly remember the moments when their favorite team was cheated of a victory by an incompetent or biased referee’s mistake. Like when a perfectly legitimate goal by your center forward is inexplicably ruled offside, or when the opposing team’s dive-prone striker is awarded a dubious game-deciding penalty kick in the 93rd minute, or your best defender is red-carded and thrown out of a game for a robust but 100% legal tackle. Or, like when your powerful forward is called for a charge on an obvious block late in the fourth quarter in a tight playoff game, or the ball is awarded to the other team when it went off their fingertips in the same situation. Or, like when your cornerback’s excellent pass coverage is rewarded with a bogus pass interference call…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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