Search results
This Article discusses “crony capitalism,” a form of rent-seeking, and its sources. Although the term crony capitalism is generally applied to non-Western economies, any economy is susceptible to three primary sources of cronyism: stan-dard special interest legislation, “bootlegger and Baptist” coalitions, and pathological altruism.
This paper seeks to reduce the ambiguity surrounding our understanding of what crony capitalism is, what it is not, what costs crony capitalism leaves in its wake, and how we might contain it.
This Article discusses “crony capitalism,” a form of rent-seeking, and its sources. Although the term crony capitalism is generally applied to non-Western economies, any economy is susceptible to three primary sources of cronyism: standard special interest legislation, “bootlegger and Baptist” coalitions, and pathological altruism. Identifying cronyism requires care, as what appears to be cronyism is often a second-best response to the inefficiency of an existing government ...
Nov 3, 2015 · The Night I Invented Crony Capitalism November 3, 2015 • 5 min read. George Taber was credited with the first usage of the term "crony capitalism" in the 1980s, when he used it to describe the ...
Mar 15, 2016 · Today’s crony capitalism is not outright corruption, though it often verges on or morphs into illegal activity. The expression itself first emerged in 1980 to describe how the Philippines’ economy functioned under the Marcos regime. It became prominent in explanations of the 1997–1998 Asian financial crisis, especially the role played in ...
In the United States, the term “crony capitalism” refers to a political-economic system that resembles traditional political “corporatism.” As used here, it describes a system in which government, big business, and powerful interest groups (especially labor unions) work together to further their joint interests. Government protects and subsidizes powerful corporations and in (implicit) exchange, the government uses those businesses to carry out government policies outside of the ...
Every constituency is tied to the other in a cycle of dependence, which ensures that the status quo prevails. Crony capitalism is a system under which business profitability hinges considerably on the ability to maintain strong relationships with bureaucrats and politicians. Money typically lubricates these relationships.
