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Crony capitalism, sometimes also called simply cronyism, is a pejorative term used in political discourse to describe a situation in which businesses profit from a close relationship with state power, either through an anti-competitive regulatory environment, direct government largesse, and/or corruption.
Crony capitalism is another name for rent-seeking. Mancur Olson’s famous work was a discussion of the increasing cronyism of an economy over time. 3 Olson blamed crony capitalism for the decline of nations. Guilds in medieval and modern times (until about 1800) are another example of what is now called crony capitalism.4 “Guilds
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 ...
- Todd Zywicki
- 2015
May 29, 2014 · The threat of crony capitalism seemed to have been tamed—the Framers had won after all. Yet we have learned that the crony capitalists were not exter-minated, they were just hibernating. And, indeed, in the wake of the financial and economic crises that began around 2008, crony capitalists have returned with a vengeance. Today the hold of crony
capitalism - the fast lane on the road to crony capitalism.1 Like the other authors, Coyne and Hall briefly consider how to slow the journey down the road to crony capitalism. They identify three modes of response to the inevitability of crony capitalism: ( 1 ) pretending the problem doesn't exist; (2) biting the 1.
Feb 8, 2022 · Capitalism is characterized by private ownership, coordination through markets, and decentralized decision-making by buyers and sellers rather than the state. Capitalism is blamed for a variety of economic and social ills. We argue that these critiques are often misguided because they often confuse capitalism with cronyism, which is a system of government favoritism toward particular firms. We ...
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COLLECTIVIST PERSPECTIVES ON CRONY CAPITALISM In their recent article Capitalism, Cronyism, and Management Scholarship: A Call for Clarity, Klein et al (2021) make a valuable and overdue contribution to the management field by foregrounding the ideological basis of key disciplinary theories. The purpose of the article is
