Although the term crony capitalism has rarely been used in the academic literature, its componentsrent seeking, regulatory capture, political entrepreneurship, and interest-group politicshave 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.
Read the Full Article
(PDF, 20 pages)
|Other Independent Review articles by Randall G. Holcombe|
|Summer 2018||Rules for Preventing Conflicts between Drones and Other Aircraft|
|Winter 2014||Consenting to Collective Action|
|Fall 2013||The Public Debt Problem|
|[View All (14)]|