Summary
Under the Trump administration, crony capitalism has taken root, whereby political leaders extend benefits and protection to businesses in exchange for political acquiescence and economic favors.
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This system is characterized by manipulation of relationships with state power by business interests, profiteering by rent seeking, and stifling of entrepreneurship and innovative practices.
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Trump has meddled in the economy and legal system to punish opponents and reward supporters, which means more corruption and less freedom.
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If Trump is elected president, he will have to rely on gerrymandering, voter suppression, the Electoral College, and the Senate to maintain control.
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Summary
Crony capitalism , sometimes called cronyism, is an economic system in which businesses thrive not as a result of free enterprise, but rather as a return on money amassed through collusion between a business class and the political class. This is often achieved by the manipulation of relationships with state power by business interests rather than unfettered competition in obtaining permits, government grants, tax breaks, or other forms of state intervention over resources where business interests exercise undue influence over the state's deployment of public goods, for example, mining concessions for primary commodities or contracts for public works. Money is then made not merely by making a profit in the market, but through profiteering by rent seeking using this monopoly or oligopoly. Entrepreneurship and innovative practices which seek to reward risk are stifled since the value-added is little by crony businesses, as hardly anything of significant value is created by them, with transactions taking the form of trading. Crony capitalism spills over into the government, the politics, and the media, when this nexus distorts the economy and affects society to an extent it corrupts public-serving economic, political, and social ideals.[citation needed]
Crony capitalism - Wikipedia
wikipedia.org
Summary
According to this provocative book, the US economy is morphing into crony capitalism, a system in which business success is fostered by relationships between business and government.
Crony Capitalism in America: 2008–2012 (a review)
cfainstitute.org
Summary
Donald Trump and his allies are meddling in the economy and legal system to punish opponents and reward supporters, which means more corruption and less freedom. This includes lobbied the military to award a major building contract for his border wall to a GOP supporter, and attacking those who tell the truth. If Trump is elected president, he will have to rely on gerrymandering, voter suppression, the Electoral College, and the Senate to maintain control.
Donald Trump's crony capitalism is making America more like Russia
usatoday.com
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…
Crony Capitalism - RCNi Company Limited
uchicago.edu
