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Volume 23  Number 3  •  Winter 2019
All Issues:  

Capitalism, Cronyism, and Democracy
By Geoffrey M. Hodgson
This article appeared in the Winter 2019 issue of The Independent Review

Cronyism and corruption are somewhat less common in democratic countries than in non-democratic ones, but statistical correlations don’t settle the question of whether or not free-market economies tend to degenerate into corporate cronyism. More suggestive is the fact that cronyism and corruption existed long before the advent of capitalism, large corporations, and democracy.

This article will be posted in full nine months after its initial print publication. To read it now, please download the issue via the Independent Review app (available on iOS, Kindle Fire and Android) for $2.99, or buy a print copy of this issue for $12.00.


Other Independent Review articles by Geoffrey M. Hodgson
    Fall 1998   Institutions and Economic Theory







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