Apple vs. Crony Capitalist Companies

"To hear some politicians speak, you might think that the only way an American company can employ Americans is with help from Washington," writes economist Diana Furchtgott-Roth.

Reasonable but uninformed people might conclude that Apple's enormous success comes from the largess of the federal government: subsidies here, tax breaks there, and winks and promise everywhere. Apple demonstrates otherwise. ... Apple, whose share price of $691 makes it the world's biggest corporation as measured by market value, has been on a tear — without government assistance."

The author contrasts Apple with companies awarded government loan guarantees under the Energy Department's programs, noting that 26 of the 33 (almost 80%) have shown signs of trouble ranging from missed production goals to bankruptcy filings.

Meanwhile, "Apple rolled out its iPhone 5 to the eager anticipation of consumers, some of whom waited up all night for the bragging rights to own it first."