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.

Walter E. Block is Harold E. Wirth Eminent Scholar Chair and Professor of Economics at Loyola University, New Orleans.
Banking and FinanceBusiness and EntrepreneurshipEconomyFree Market EconomicsGovernment and PoliticsGovernment PowerLaw and LibertyPolitical TheoryPublic Choice
Other Independent Review articles by Walter E. Block
Spring 2023 Defending Liberty: Essays in Honor of David Gordon
Spring 2022 The Ethics of Liberty
Fall 2015 A Troublesome Inheritance: Genes, Race and Human History
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