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lemon socialism

Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License

  • proper n. The practice in otherwise free market capitalist economies in which the government steps in to bailout or otherwise subsidize weak or failing firms. A government attempting to transition from capitalism to socialism by this method takes control of the worst industries — the "lemons" — first, which undermines such an approach.

Etymologies

Coined by Mark Green in 1974 . (Wiktionary)

Examples

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  • “I’m talking, instead, about the administration’s plans for a banking system rescue — plans that are shaping up as a classic exercise in ‘lemon socialism’: taxpayers bear the cost if things go wrong, but stockholders and executives get the benefits if things go right.�?

    The New York Times, Bailouts for Bunglers , by Paul Krugman, February 1, 2009

    February 2, 2009