Crony capitalism is a pox that has always infected real markets and is likely to rear its ugly head even more in the future. Although Munger and Villarreal-Diaz offer an important theory in support of this claim, their superb essay makes a few points worth disputing if only to better ward off crony capitalism.
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 Walter E. Block|
|Fall 2015||A Troublesome Inheritance|
|Spring 2007||Chesterton and Belloc|