What is Crony Capitalism? Meaning, Definition, and Explanation
From Wikipedia: https://en.wikipedia.org/wiki/Crony_capitalism
Crony capitalism 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.
-
7:58
TENET Media
13 hours agoWhat Happened To Dave Chappelle? | Benny Johnson & Roseanne
22.3K41 -
7:33
Chrissy Clark
12 hours agoANOTHER Anti-Conservative Political Persecution
21.2K8 -
3:31:12
SNEAKO
9 hours agoSNEAKO X AKADEMIKS X ZHERKA
92.8K63 -
2:22:57
Fresh and Fit
9 hours agoWhat Women THINK Men Want Debate w/ Girls
109K126 -
3:31:00
GoodLawgic
9 hours agoThe Following Program: YSL Case EXPLODES When Defense Counsel Is JAILED
28.5K11 -
8:20:15
Akademiks
13 hours agoYB sends message from Jail. Drake new song. Post Beef Report? Kendrick show in LA? YSL Trial wild!
122K32 -
43:38
Bright Insight
18 hours agoYou Won’t Believe This Disturbing Gobekli Tepe Update
116K259 -
18:06
Stephen Gardner
10 hours ago🔴Nancy Pelosi's lies FALL APART as J6 video confession LEAKS!!
50.9K152 -
1:48:28
Kim Iversen
11 hours agoCourt Rules Covid Vaccines Are NOT Vaccines, Kim Listed On New Ukraine "Enemies List”
74.3K238 -
1:11:45
Steve-O's Wild Ride! Podcast
4 days ago $0.19 earnedMarc Rebillet Is Out Of His Goddam Mind - Wild Ride #218
44.9K7