Capitalism Goes Out Of Tune

George Will reports:

the 13 largest oil companies are owned and operated by governments and that governments in the developing world control three-quarters of the world's energy reserves. Privately owned multinational companies produce just 10 percent of the world's oil and own just 3 percent of its proven reserves. In many developing nations, large companies that remain in private hands are only nominally private: They are government appendages in that they depend on government patronage for credit, contracts and subsidies. "Sovereign wealth funds" — state-owned investment portfolios — already account for one-eighth of global investment, double the figure just five years ago. The largest such funds are those of Abu Dhabi, Saudi Arabia and China, with Russia's rising. The only democracy operating one of the 10 largest funds is Norway. The combined assets of all such funds exceed the assets of all the world's hedge funds.

Fascism.