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Topic: Crony capitalism

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In the News (Tue 25 Jun 19)

  Greg Mankiw's Blog: Crony Capitalism
One legitimate reason for the opposition to capitalism in Latin America is that it frequently has been "crony capitalism" as opposed to the competitive capitalism that produces desirable social outcomes.
Crony capitalism is a system where companies with close connections to the government gain economic power not by competing better, but by using the government to get favored and protected positions.
Sugar quotas, for instance, are a bipartisan example of crony capitalism: I can't recall any impartial policy analyst thinking the quotas are good policy, nor can I recall a prominent politician of either party calling for their repeal.
gregmankiw.blogspot.com /2006/05/crony-capitalism.html   (285 words)

  Crony capitalism - Wikipedia, the free encyclopedia
"Crony capitalism" or "crapitalism" is a pejorative term describing a capitalist economy in which success in business depends on an extremely close relationship between the businessman and the state institutions of politics and government, rather than by the espoused "equitable" concepts of the free market, open competition, and economic liberalism.
Crony capitalism arises when political cronyism spills over into the world of business, and the relationships between powerful businessmen and powerful politicians form a kind of aristocratic social hierarchy, influenced by self-serving friendships and family ties, to the extent that it corrupts public-serving economic and political ideals.
Capitalists generally respond that governmental favours are incompatible with true capitalism, that so-called "crony capitalism" is in fact the result of an excess of socialist-style interference in the market, which requires active corporate lobbying to reduce red tape.
en.wikipedia.org /wiki/Crony_capitalism   (645 words)

 Crony capitalism - Wikipedia, the free encyclopedia   (Site not responding. Last check: )
"Crony capitalism" is a pejorative expression, denoting a type of capitalism in which business success is heavily dependent upon one's connections.
Furthermore, many opponents of capitalism argue that the emergence of crony capitalism is the inevitable result of any capitalist system.
Crony capitalism is partially explainable by using the principles which govern any network.
www.encyclopedia-online.info /Crony_capitalism   (461 words)

 The Political Economy of Crony Capitalism
Crony capitalism is usually thought of as a system in which those close to the political authorities who make and enforce policies receive favours that have large economic value.
The whole point of crony capitalism is that the government designates a set of economic policies that provides some privileged group of asset holders with a high-enough rate of return to induce them to invest without the security of limited government.
The economics of crony capitalism are taken up at length in the first chapter of “Why Is Crony Capitalism Bad for Growth?” In the first chapter, Anne Krueger examines the efficiency effects of crony systems by drawing parallels between the economic arrangements of cronyism and those of state-owned enterprises.
pages.britishlibrary.net /blwww3/cronycapitalism/poleconcronycap.htm   (3205 words)

 Citizens for a Sound Economy - Crony Capitalism, Rent-Seeking, and the Growth of Government   (Site not responding. Last check: )
Crony capitalism and corruption are commonly viewed as the key culprits, with capital flows dictated not by economics, but by political favoritism.
It is not capitalism at all; capitalism is a system of market-based economic decision-making, while crony capitalism relies on government intervention and favoritism.
But to focus on crony capitalism or political scandal without addressing the larger question of the growing nexus between business and government is to ignore a fundamental question.
www.cse.org /informed/wb_crony.htm   (1641 words)

 Economic futurecast
Europe is generally burdened by rigid welfare capitalism that imposes restraints on competition from within as well as from outside the European Union.
See, De Soto, "Mystery of Capital." Most of the blame for the intractable poverty and famine in third world and some former communist states rests squarely with their own horrendous governance practices or conflicts.
A taste of the dangers of the capital asset bubble was provided by the performance of stock markets during the last recession.
www.futurecasts.com /Economic_futurecast.html   (6540 words)

 capitalism and crony capitalism in Iraq
George W. Bush is a crony capitalist, someone who uses government intervention in the economy to benefit his supporters and punish his opponenents.
Crony capitalism is a way of suppressing political opposition.
Crony capitalism is what makes the third world so poor.
kmh678.tripod.com /Government/iraq_capitalism.html   (449 words)

 Margin Call for Crony Capitalism
Similarly, the ridiculous attempt to legislate capitalism in a society whose citizens grew up under a totalitarian kleptocracy calling itself "communism" is not going to turn the former center of the "Communist" empire into a Western style capitalism.
Russia is the most egregious example of crony capitalism, probably due to the "confidence" of its perpetrators that the world would be scared of letting the former Soviet nuclear arsenal fall into the hands of barbarians.
That, then, describes cartel capitalism, in which the government was no more cronies with industry than a shepherd is with his sheep.
www.newstrolls.com /news/dev/kilner/980901.htm   (1157 words)

 Crony Capitalism, American-Style - Global Policy Forum - Social and Economic Policy
Crony capitalism is not new; nor is it the province of a single party.
America's willingness to provide multi-billion dollar bail-outs to airlines or to create cartels to protect its steel and aluminum industries suggests that free market ideology is but a thin guise for old-fashioned corporate welfare: give to those with the appropriate connections.
To some, the fact that Enron was not bailed out and the problems uncovered, is testimony to the absence of crony capitalism.
www.globalpolicy.org /socecon/tncs/2002/cronycap2.htm   (1048 words)

 Crony Capitalism Comes to Vermont
Textbook capitalism is an economic system where the government establishes some basic rules, such as rights to property, enforcement of contracts, liability for damages, an independent judiciary to settle disputes, and a stable and predictable tax system.
In such countries the only way to have your business succeed is to become a crony of the political leadership, through family and social ties, bribes, kickbacks, and political support.
The goal of the people who are bringing crony capitalism to Vermont is to control economic activity "for the people." And here is how it works.
www.ethanallen.org /commentary.php?commentary_id=88   (800 words)

 all-encompassingly » Crony Capitalism:: blog
One legitimate reason for the opposition to capitalism in Latin America is that it frequently has been “crony capitalism” as opposed to the competitive capitalism that produces desirable social outcomes.
Crony capitalism is a system where companies with close connections to the government gain economic power not by competing better, but by using the government to get favored and protected positions.
Just today, Roberto Lavagna, the former Argentine Economy Minister, mentioned crony capitalism (capitalismo de amigos) as one of the issues facing Argentina.
www.all-encompassingly.com /crony-capitalism   (422 words)

 Domestic Crony Capitalism and International Fickle Capital: Is There a Connection?   (Site not responding. Last check: )
Domestic crony capitalism and fickle international capital flows are often suggested as two rival explanations for currency crisis.
This article examines a possible linkage between the two that has not been explored much in the literature: domestic crony capitalism may make a country more dependent on the more fickle type of international capital flows (e.g., international bank loans) rather than the less volatile type (e.g., foreign direct investment).
It presents statistical evidence that the degree of domestic crony capitalism is indeed associated with a higher external loan-to-FDI ratio.
www.brookings.edu /views/articles/wei/20010409.htm   (263 words)

 Word Spy - crony capitalism
Most of these oft-stated causes for the Asian currency crisis — alleged corruption, crony capitalism, lack of transparency — are now familiar to anyone who has followed developments in the region.
But this new regime of openness in business, and a war on crony capitalism, requires a huge cultural change in the way Asia has always operated — a change that is hard to impose from half a world away.
crony capitalism is thus turning into crony socialism.
www.wordspy.com /words/cronycapitalism.asp   (306 words)

 Healthcare Economist · Crony Capitalism
The best article of the bunch is from a blog by famed economists Gary Becker and Richard Posner where the authors claim that crony capitalism is the reason why Latin American voters have been trending to the left.
In essence, crony capitalism often creates private monopolies that hurt consumers compared to their welfare under competition.
The excesses of cronyism have provided ammunition to parties of the left that are openly hostile to capitalism and neo-liberal policies.
healthcare-economist.com /2006/05/12/crony-capitalism   (584 words)

 Riding the Elephant Prime Ministerial worries about crony capitalism «
But it was crony capitalism that Singh was addressing last week, not the rights or wrongs of nationalization, and he urged the institute to “provide answers to these important questions” – an academic formula he has used before when worrying publicly about major issues.
Singh is, however, well protected because it was Gandhi’s mother-in-law who moved against crony capitalism in 1969 and he was, after all, only complimenting one of her old Young Turks.
Crony capitalism in India favours upper caste who have access to Western Tech.
ridingtheelephant.blogs.fortune.com /2007/05/07/prime-ministerial-worries-about-crony-capitalism   (1331 words)

 Stanford University/Political Science 346U: Political Economy of Crony Capitalism
The concept of crony capitalism arises in several literatures on the political economy of development.
In political science, crony capitalism is often associated with corruption and lack of good political institutions, which plague many developing countries.
In economics, crony capitalism epitomizes explanations for the East Asian financial crisis in the late 1990s, as well as the failures of market reforms in East Europe, among other cases.
www.stanford.edu /class/polisci346u   (130 words)

 Crony Capitalism
In the late 1980s right into the mid-1980s America's sanctimonious business and political classes lectured the rest of the world, in particular Third World nations, about the pitfalls of crony capitalism and financial nepotism.
Enron proved that corruption in high places, collusion with elected officials who took pay offs, is the kind of crony capitalism that is aggravating the economic situation in the United States.
Crony capitalism is alive and well and it is aided and abetted by an administration that has consistently turned a blind eye.
www.caribvoice.org /Opinions/M.Roberts/crony.html   (936 words)

 TP: Crony Capitalism Revisited
These crises, runs on national currencies, were according to the unified voice of the west, its power elite, caused by generalised phenomena given the name "crony capitalism." This had the function of rebutting the argument that the crises had been caused by the unregulated, massive global flows of credit finance.
The notion of "crony capitalism" lumped together a variety of crimes: national economic policies directed at national economic development; any failure to go along with the free trade demands of the World Trade Organization; corruption; a reluctance to "deregulate"; a lack of "transparency"; and a general failure of standardised accountancy.
The very "handling" of the Asian crisis itself was crony capitalism in action, involving as it did, a mix of personnel from multinational corporate banking, the US government, its Treasury and Defense Departments, the IMF and yet more corporate bankers.
www.heise.de /tp/r4/artikel/12/12665/1.html   (3745 words)

 Crony Capitalism
In fact, even today, following its westernization and capitalization, Japan has, proportionately, about one tenth as many citizens behind bars as does the U.S. The simple truth is that it has always been far cheaper to raise a child to be a thoughtful, caring citizen than to incarcerate and rehabilitate a screwed up adult.
We see the proof right here in America, where we are the "most law ridden people on earth," where we are the "most violent and self-destructive nation on earth," and where we have the largest proportion of our citizenry locked behind bars, many youthful violators for non-violent crimes.
In preservation of this relatively mindless individual anarchy, religious crony capitalism employs JudeoRoman justifications to rationalize the use of deceit and deception in nourishing despotic control over the people, their press and their minds.
www.opednews.com /Lower_crony_capitalism.htm   (1108 words)

 Crony Capitalism Goes Global - Global Policy Forum - Social and Economic Policy   (Site not responding. Last check: )
William Conway, managing director and co-founder of the Carlyle Group, was talking recently about the media coverage of his bank and the cast of ex-Presidents and former officials, including George H.W. Bush, James Baker III and Frank Carlucci, on its payroll.
Carlyle's investment philosophy, as described in its brochures, is to focus "on industries we know and in which we have a competitive advantage," in particular "federally regulated or impacted industries such as aerospace/defense." Its capital is siphoned into fourteen funds, seven focused on US industries and real estate, four on Europe and three on Asia.
Similarly in its Asia fund, 52 percent of Carlyle's investments are in financial services, where governments are deeply involved in restructuring the region's banks; 17 percent are in telecommunications; and 31 percent are in cable TV, industries that are being privatized and are under strict government supervision.
www.globalpolicy.org /socecon/tncs/2002/cronycap.htm   (3600 words)

 The Globalist | Global Finance -- Korea's Crony Capitalism
But if we accept these aspects of modern capitalism, we also have to introduce the system of accountability that goes with them: shareholders' rights.
If Korea is now introducing reforms, it is not because of threats from the presumed gunboats of western capitalism such as the IMF.
Change is being propelled by the desires of Kim Joo Young, the young lawyer in Seoul, and other ordinary Koreans for greater openness and global norms.
www.theglobalist.com /DBWeb/printStoryId.aspx?StoryId=2292   (1068 words)

 Crony Capitalism, U.S.A.
Crony Capitalism, U.S.A. Published on Tuesday, January 15, 2002 in the New York Times
Four years ago, as Asia struggled with an economic crisis, many observers blamed "crony capitalism." Wealthy businessmen in Asia didn't bother to tell investors the truth about their assets, their liabilities or their profits; the aura of invincibility that came from their political connections was enough.
Cronyism is hardly novel in America; the Clinton administration took us to the edge of a trade war on behalf of Chiquita bananas, a major campaign contributor.
www.commondreams.org /views02/0115-03.htm   (864 words)

 Crony Capitalism (WebSeitz/wikilog)   (Site not responding. Last check: )
Crony Capital Ism is an expression or variant of capitalism in which the opportunity to open or succeed in business is heavily dependent on one's connections.
Some, like ethicist Jane Jacobs (in Systems Of Survival), just call it corruption, a natural consequence of letting those managing power and trade collude.
As government and business leaders try to accomplish things they naturally turn to other hubs (powerful people) (Super Node-s) for support in their endeavors.
webseitz.fluxent.com /wiki/CronyCapitalism   (323 words)

 Learn more about Crony capitalism in the online encyclopedia.   (Site not responding. Last check: )
Learn more about Crony capitalism in the online encyclopedia.
Hint: Play with putting spaces before and after your words to see the different results you get.
Some refer to this system as mercantilism or as being related to it.
www.onlineencyclopedia.org /c/cr/crony_capitalism.html   (519 words)

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