Youtor
Crony Capitalism Overview with Examples
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Crony capitalism, sometimes called cronyism, is an economic system in which businesses thrive not as a result of free enterprise, but rather as a return on money amassed through collusion between a business class and the political class. This is often achieved by the manipulation of relationships with state power by business interests rather than unfettered competition in obtaining permits, government grants, tax breaks, or other forms of state intervention over resources where business interests exercise undue influence over the state's deployment of public goods, for example, mining concessions for primary commodities or contracts for public works. Money is then made not merely by making a profit in the market, but through profiteering by rent seeking using this monopoly or oligopoly. Entrepreneurship and innovative practices which seek to reward risk are stifled since the value-added is little by crony businesses, as hardly anything of significant value is created by them, with transactions taking the form of trading. Crony capitalism spills over into the government, the politics, and the media, when this nexus distorts the economy and affects society to an extent it corrupts public-serving economic, political, and social ideals. • ✅ ABOUT • ▬▬▬▬▬▬▬▬▬▬▬▬▬ • • The goals of this channel are to share my passion for learning and to inspire you. I hope to foster a community of learners with broad understandings. • • All topics are covered ranging from simple to complex. • • Subscribe if you like to learn new things. • ✅ CREDITS • ▬▬▬▬▬▬▬▬▬▬▬▬▬ • • Song: Fredji - Happy Life (Vlog No Copyright Music) • Music provided by Vlog No Copyright Music. • Video Link: • Fredji - Happy Life (Vlog No Copyrigh... • https://en.wikipedia.org/wiki/Crony_c...
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