Crony Capitalism: By-Product of Big Government
By Randall G. Holcombe
This article appeared in the Spring 2013 issue of The Independent Review

Although the term crony capitalism has rarely been used in the academic literature, its components—rent seeking, regulatory capture, political entrepreneurship, and interest-group politics—have been studied extensively. Their common element is the political use of power to benefit some at the expense of others, a phenomenon that grows as the profitability of businesses comes to depend on how well businesses can secure subsidies, tax breaks, and regulations that work in their favor.

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