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131 sats \ 4 replies \ @unboiled 8h \ parent \ on: Generation C: The Confused and Economically Illiterate Ones (WSJ, Andy Kessler) econ
In which way does crony capitalism, as opposed to cronyism alone, cause some of our problems today?
I'm genuinely curious why the word "capitalism" needed to be added.
This is how "capitalism" was originally used, as I understand the etymology.
Crony capitalism is about distorting the markets so that the cronies can accumulate financial capital. That strategy only makes sense in a capitalist context. In a centrally planned economy, the cronies would be accumulating some other type of power.
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Crony capitalism is about distorting the markets so that the cronies can accumulate financial capital. That strategy only makes sense in a capitalist context.
Ah, thank you. I wasn't aware of that nuance forming a key part of the accusation.
In a centrally planned economy, the cronies would be accumulating some other type of power.
The political cadres in communist systems were/are exceptionally wealthy. Wouldn't that also fall under crony capitalism?
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There are different kinds of wealth
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@Undisciplined nails it as usual but I am using the term that I commonly hear. They actually just say capitalism but their working definition is more accurately called crony capitalism. Capitalism can function without the state. Just as there could be socialism without the state. In theory at least. This is was left anarchists and some communists envision. Anarcho-capitalism is the other extreme.
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