America s Crony Capitalism

Crony Central Banking in Hong Kong

We are Yemen. Saleh is only your crony.

Even after revolution, women are consistently used for political grounds by crony political parties.

The battle against crony capitalism starts in the classroom, and we professors are inevitably implicated.

And, to do that, an energetic civil society must demand an end to crony capitalism.

But the fundamental explanation lies in a crony capitalist system with too many vested interests to maintain.

Buenos Aires For 20 years, Americans have denounced the crony capitalism of Third World countries, especially in Asia.

Furthermore, uneven protection of property rights crony capitalism means that a small number of businessmen are politically favored.

The defense industry in the United States is often described as an example of crony capitalism in an industry.

The last thing the ECB needs is a political crony of German Chancellor Gerhard Schroeder assuming Mr. Issing s key post.

These crony capitalists argue that, if they are left alone to develop their assets, they will make the country prosperous.

Crony businesses from the US and Europe, which are utterly unfamiliar with local conditions, squander time, aid funds, and opportunities.

The recently completed stress tests of US banks are but the latest indication that crony capitalists have now captured Washington, DC.

Like swine flu, crony capitalism has migrated from corrupt Third World countries to America, once the citadel of sound public and private governance.

Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials.

To undermine the Tymoshenko cabinet even more, Ukraine s central bank, under the leadership of a presidential crony, is pursuing a policy that is importing high inflation.

Many of Ukraine s richest citizens, who gained their wealth through the crony capitalism that is the only way Yanukovich knows how to govern, remain unreconciled to Ukraine s democracy.

Its economy is a variant of crony capitalism, in which economic success depends on one s political connections, rather than on the meritocratic free market competition from which liberty grows.

But he was not popular because the public viewed him as a puppet of China and a crony of big developers, particularly Li Ka shing, Hong Kong s richest person.

For example, when the East Asian financial crisis broke out, there followed a systematic attempt to pin the blame on the affected countries crony capitalism allegedly had somehow crippled their economies!

Because the state uses its apparatus to deter competition both informally, through arbitrary enforcement of property rights, and formally, through trade restrictions crony capitalism is not only unjust, but also inefficient.

A McCain presidency would have offered no hope for a radical break with the military swagger and crony capitalism of the Bush years, on which the bilateral relationship with India was built.

But he risks angering laid off workers and empowering inefficient crony capitalists, while moving too slowly to satisfy the desires of those who voted (and took to the streets to protest) against him.

And, thanks to the large pool of savings generated by Chinese households and state owned companies, the Chinese economy can for the time being bear the waste and misallocation implied by such crony capitalism.

Here, too, Egypt is at a disadvantage. Its economy is a variant of crony capitalism, in which economic success depends on one s political connections, rather than on the meritocratic free market competition from which liberty grows.

A demographically declining empire of crony capitalists, from which the most talented and educated flee some 300,000 left Russia last year alone is hardly likely to be a serious strategic challenger to either the United States or China.

In the run up to the crisis, both were governed by right wing governments marked by crony capitalism or worse, demonstrating once again that free market economics didn t work in Europe any better than it did in the US.

Since then, these islands have been controlled by either the Soviet Union or its successor state, Russia. And, as elsewhere in Russia, their residents have been impoverished by consistently incompetent and corrupt government, whether run by Communists or today s crony capitalists.

See also Social entrepreneur Politician Crony capitalism Corporate welfare External links Cohen, Nissim (2012) Policy entrepreneurs and the design of public policy Conceptual framework and the case of the National Health Insurance Law in Israel Journal of Social Research Policy, 3 (1) 5 26.