by George Will
Preface: The American version of socialism uses what is called "rent seeking" to spread wealth. A definition of rent seeking is as follows: rent seeking occurs when an individual, organization or firm seeks to make money by manipulating the economic and/or legal environment rather than by trade and production of wealth. The term comes from the notion of economic rent, but in modern use of the term, rent seeking is more often associated with government regulation and misuse of governmental authority than with land rents.
Read George Will's column "Welcome to Socialism" here: