Crony Capitalism

Paul Rubin

Supreme Court Economic Review, 2015, vol. 23, issue 1, 105 - 120

Abstract: This Article discusses "crony capitalism," a form of rent-seeking, and its sources. Although the term crony capitalism is generally applied to non-Western economies, any economy is susceptible to three primary sources of cronyism: standard special interest legislation, "bootlegger and Baptist" coalitions, and pathological altruism. Identifying cronyism requires care, as what appears to be cronyism is often a second-best response to the inefficiency of an existing government intervention. Reducing cronyism is therefore difficult without limiting the overall size and scope of government.

Date: 2015
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