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 dont 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.
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