Crony capitalism

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Crony capitalism is a term describing an economy in which success in business depends on close relationships between business
people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax
breaks, or other forms of state interventionism.
[1][2]
Crony capitalism is believed to arise when business cronyism and related self-
serving behavior by businesses or businesspeople spills over into politics and government,
[3]
or when self-serving friendships and
family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-
servingeconomic and political ideals.
The term "crony capitalism" made a significant impact in the public arena as an explanation of the Asian financial crisis.
[4]
It is also
used world wide to describe virtually any governmental decisions favoring "cronies" of governmental officials. In many cases, the
term is used interchangeably with corporate welfare; to the extent that there is a difference, the latter might be restricted only to
direct government subsidies of major corporations, excluding tax loopholes and all manner of regulatory and trade decisions, which
in practice could be much larger than any direct subsidies.
Contents
[hide]
1 Crony capitalism in practice
o 1.1 Crony Capitalism Index
2 Crony Capitalism in sections of an economy
3 Creation of crony capitalism in developing economies
4 Political viewpoints
5 See also
6 References
7 Notes
8 Further reading
9 External links
Crony capitalism in practice[edit]


Transparency International's overview of the index of perception of corruption, 2010
In its lightest form, crony capitalism consists of collusion among market players. While perhaps lightly competing against each other,
they will present a unified front (sometimes called a trade association or industry trade group) to the government in requesting
subsidies or aid or regulation.
[5]
Newcomers to a market may find it difficult to find loans, acquire shelf space, or receive official
sanction (like the Medallion System of the Taxicabs of New York City created during the Great Depression) to sell their product or
services; in technological fields, they may be accused of infringing on patents that the established competitors never assert against
each other. Distribution networks will refuse to aid the entrant. In spite of this, some competitors will succeed when the
legal barriers are light, especially where the old guard has become inefficient and is failing to meet the needs of the market. Of
course, some of these upstarts may then join with the established networks to help deter any other new competitors. Examples of
this have been argued to include the keiretsu of post-war Japan, the print media in India, the chaebol of South Korea, and the
powerful families who control much of the investment in Latin America.
However, crony capitalism is generally associated with more virulent government intervention.
[2]
Intentionally ambiguous laws and
regulations are common in such systems. Taken strictly, such laws would greatly impede practically all business; in practice, they
are only erratically enforced. The specter of having such laws suddenly brought down upon a business provides incentive to stay in
the good graces of political officials. Troublesome rivals who have overstepped their bounds can have the laws suddenly enforced
against them, leading to fines or even jail time. Even in high-income democracies with well established legal systems and freedom
of the press a larger state is associated with more political corruption (including crony capitalism).
[6]

States often said to exhibit crony capitalism include Hong Kong,
[7]
the People's Republic of China, India
[8]
(especially after 1990s
liberalization whereby land and other resources were given at throwaway prices in the name of public private
partnerships), Indonesia, Argentina;
[9]
Brazil, United Kingdom - especially in the 1600s and 1700s, United
States,
[2][10]
Malaysia,
[11]
Israel;
[12]
Russia;
[13]
most ex-Eastern Bloc states, as well as the most well-known case of economic crisis due
to cronyism, Greece.
[14]
Wu Jinglian, one of China's leading economists
[15]
and a longtime champion of its transition to free markets,
says that it faces two starkly contrasting futures: a market economy under the rule of law or crony capitalism.
[16]

Crony Capitalism Index[edit]
The Economist benchmarks countries based on a calculated Crony Capitalism Index. Its 2014 Crony Capitalism Index ranking
listed Hong Kong, Russia and Malaysia in the top 3 spots.
[17]

Crony Capitalism in sections of an economy[edit]

The neutrality of this section is disputed. Relevant discussion may be found on the talk page. Please do not
remove this message until the dispute is resolved. (November 2012)
More direct government involvement can lead to specific areas of crony capitalism, even if the economy as a whole may be healthy.
Governments will, often in good faith, establish government agencies to regulate an industry. However, the members of an industry
have a very strong interest in the actions of a regulatory body, while the rest of the citizenry are only lightly affected. As a result, it is
not uncommon for current industry players to gain control of the "watchdog" and use it against competitors. This phenomenon,
known asregulatory capture, has a long history.
A 1824 landmark U.S. Supreme Court ruling overturned a New York State-granted monopoly ("a veritable model of state
munificence" facilitated by one of the Founding Fathers,Robert R. Livingston) for the then-revolutionary technology
of steamboats.
[18]
Leveraging the Supreme Court's establishment of Congressional supremacy over commerce, theInterstate
Commerce Commission was established in 1887 with the intent of regulating railroad "robber barons". President Grover
Cleveland appointed Thomas M. Cooley, a railroad ally, as its first chairman and a permit system was used to deny access to new
entrants and legalize price fixing.
[19]

The military-industrial complex in the United States is often described as an example of crony capitalism in an industry. Connections
with the Pentagon and lobbyists in Washington are described by critics as more important than actual competition, due to the
political and secretive nature of defense contracts. In the Airbus-Boeing WTO dispute, Airbus (which receives
outright subsidies from European governments) has stated Boeing receives similar subsidies, which are hidden as inefficient
defense contracts.
[20]
Several companies received expedited no-bid contracts for Hurricane Katrina and Iraq war reconstruction
purportedly due to having cronies in the Bush administration.
[21]

Gerald P. O'Driscoll, former vice president at the Federal Reserve Bank of Dallas, stated that Fannie Mae and Freddie Mac became
examples of crony capitalism. Government backing let Fannie and Freddie dominate mortgage underwriting. "The politicians created
the mortgage giants, which then returned some of the profits to the pols - sometimes directly, as campaign funds; sometimes as
"contributions" to favored constituents."
[22]

Creation of crony capitalism in developing economies[edit]
In its worst form, crony capitalism can devolve into simple corruption, where any pretense of a free market is dispensed with. Bribes
to government officials are considered de rigueur and tax evasion is common; this is seen in many parts of Africa, for instance. This
is sometimes called plutocracy (rule by wealth) or kleptocracy (rule by theft).
Corrupt governments may favor one set of business owners who have close ties to the government over others. This may also be
done with racial, religious, or ethnic favoritism; for instance, Alawites in Syria have a disproportionate share of power in the
government and business there. (President Assad is an Alawite.)
[23]
This can be explained by considering personal relationships as
a social network. As government and business leaders try to accomplish various things, they naturally turn to other powerful people
for support in their endeavors. These people form hubs in the network. In a developing country those hubs may be very few, thus
concentrating economic and political power in a small interlocking group.
Normally, this will be untenable to maintain in business; new entrants will affect the market. However, if business and government
are entwined, then the government can maintain the small-hub network.
Raymond Vernon, specialist in economics and international affairs,
[24]
wrote that the Industrial Revolution began in Great Britain,
because they were the first to successfully limit the power of veto groups (typically cronies of those with power in government) to
block innovations.
[25]
"Unlike most other national environments, the British environment of the early 19th century contained relatively
few threats to those who improved and applied existing inventions, whether from business competitors, labor, or the government
itself. In other European countries, by contrast, the merchant guilds ... were a pervasive source of veto for many centuries. This
power was typically bestowed upon them by government". For example, a Russian inventor produced a steam engine in 1766 and
disappeared without a trace. "[A] steam powered horseless carriage produced in France in 1769 was officially suppressed." James
Watt began experimenting with steam in 1763, got a patent in 1769, and began commercial production in 1775.
[26]

Anthropologist David Graeber's book Debt: The First 5000 Years provides an even broader perspective: For as far back as we can
see in the historical and archaeological record, argues Graeber, people with wealth and power, typically a monarch and cronies,
have written the rules to benefit them at the expense of others. The situation would deteriorate for common folk until it was
interrupted by a peasant revolt. Then the cycle would start over again.
Political viewpoints[edit]
Critics of capitalism including socialists and other anti-capitalists often assert that crony capitalism is the inevitable result
of any capitalist system. Jane Jacobs described it as a natural consequence of collusion between those managing power and trade,
while Noam Chomsky has argued that the word "crony" is superfluous when describing capitalism.
[27]
Since businesses make money
and money leads to political power, business will inevitably use their power to influence governments. Much of the impetus
behind campaign finance reform in the United States and in other countries is an attempt to prevent economic power being used to
take political power.
Ravi Batra argues that "all official economic measures adopted since 1981...have devastated the middle class" and that the Occupy
Wall Street movement should push for their repeal and thus end the influence of the super wealthy in the political process, which he
considers a manifestation of crony capitalism.
[28]

Socialist economists, such as Robin Hahnel, have criticized the term as an ideologically motivated attempt to cast what is in their
view the fundamental problems of capitalism as avoidable irregularities.
[29]
Socialist economists dismiss the term as an apologetic
for failures of neoliberal policy and, more fundamentally, their perception of the weaknesses of market allocation.
Laissez-faire economists
[30]
oppose crony capitalism as well
[31]
disparaging governmental favors
[32]
as incompatible with a true free
market.
[33]
Laissez-faire advocates criticize the term as an ideologically motivated attempt to cast what is in their view the
fundamental problem of government intervention or investments as an avoidable aberration; free-market advocates refer to
governmental favoritism as "crony socialism",
[34]
"venture socialism"
[35]
or "corporatism, a modern form of mercantilism"
[36]
to
emphasize that the only way to run a profitable business in such systems is to have help from corrupt government officials.
[37]
Even
if the initial regulation was well-intentioned (to curb actual abuses), and even if the initial lobbying by corporations was well-
intentioned (to reduce illogical regulations), the mixture of business and government stifle competition,
[38]
a collusive result
called regulatory capture. In his book The Myth of the Robber Barons, Burton W. Folsom, Jr. distinguished those that engage in
crony capitalismdesignated by him "political entrepreneurs"from those who compete in the marketplace without special aid from
government, whom he calls "market entrepreneurs" who succeed "by producing a quality product at a competitive price"
[39]

See also[edit]
Capitalism
Corporatocracy
Corporate welfare
Corporatism
Crony-capitalism index
Economic interventionism
Government failure
Government-owned corporation
Inverted totalitarianism
Iron triangle (US politics)
Mercantilism
Patrimonialism
Political family
Political machine
Regulatory Capture
Rent-seeking
Stamocap
Supercapitalism
References[edit]
Vernon, Raymond (1989), "Technological Development", EDI Seminar Paper 39, ISBN 978-0821311622
Notes[edit]
1. Jump up^ Helen Hughes (Spring 1999). "Crony Capitalism and the East Asian Currency and
Financial 'Crises'". Policy [1] 15 (3). Retrieved 2012-07-22. "Japans dismal performance in the
1990s and the East Asian collapses of 1997 indicate that dirigismecan only boost economies in
the short run and at high cost. It breaks down in the long run (Lindsey and Lukas 1998)."
2. ^ Jump up to:
a

b

c
Kristof, Nicholas (March 27, 2014). "A Nation of Takers?". New York Times.
Retrieved March 27, 2014.
3. Jump up^ The Discovery that Business Corrupts Politics: A Reappraisal of the Origins of
Progressivism, by McCormick, Richard. 1981. The American Historical Review, Vol. 86, No. 2
(Apr., 1981), pp. 247-274.
4. Jump up^ Kang, David C. (2002). Crony Capitalism: Corruption and Development in South
Korea and the Philippines. Cambridge: Cambridge University Press. ISBN 978-0-521-00408-4.
"Focused only on explaining successful outcomes, the conventional model provided no analytic
way to explain the 1997 crisis. Countries previously regarded as miracles now were nothing
more than havens for crony capitalists (p.3)"
5. Jump up^ "Uber vs. Washington, D.C.: This Is Insane". July 10, 2012. Retrieved July 11, 2012.
"a fight over a new competitor to the District's (often horrible) taxi service offers something I
haven't seen in a while. Not routine retail-level corruption, nor skillful top-level favor trading, but
instead what appears to be a blatant attempt to legislate favors for one set of interests by
hamstringing another."
6. Jump up^ Hamilton, Alexander (2013), Small is beautiful, at least in high-income democracies:
the distribution of policy-making responsibility, electoral accountability, and incentives for rent
extraction [2], World Bank.
7. Jump up^ Vines, Stephen (1 April 2014). "Why Hong Kongs latest No 1 ranking was greeted
with silence". South China Morning Post. Retrieved 4 April 2014.
8. Jump up^ "Govt Patronises Crony Capitalism Again". June 19, 2011. Retrieved 11 August
2013.
9. Jump up^ "Peronism and its perils". The Economist. June 3, 2004.
10. Jump up^ "Planet Plutocrat: The countries where politically connected businessmen are most
likely to prosper". The Economist. March 15, 2014.
11. Jump
up^ http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1213&context=f
acultyworkingpapers
12. Jump up^ The shakshuka system: A view from 2009
13. Jump up^ "Having it both ways". The Economist. May 20, 2004.
14. Jump up^ "The Scourge of Crony Capitalism". June 20, 2012. Retrieved 9 October 2013.
15. Jump up^ "Keeping an eye on business". The Economist. May 27, 2004.
16. Jump up^ Jinglian, Wu (June 2006). "The road ahead for capitalism in China". The McKinsey
Quarterly.
17. Jump up^ "The countries where politically connected businessmen are most likely to
prosper".The Economist. 15 March 2014. Retrieved 4 April 2014.
18. Jump up^ Styles, T.J. The First Tycoon: The Epic Life of Cornelius Vanderbilt. ISBN 978-0-
375-41542-5. "Property requirements for suffrage under New York's constitution of 1777
hardened the culture of rank into law. Two distinct levels of wealth were required to vote, one for
state assembly, and a second and higher level for the state senators and governor...
[this suffrage scheme fostered] mercantilism, which in the state empowered private parties to
carry out activities thought to serve the public interest. The standard reward for such an
undertaking was a monopolyjust what Chancellor Livingston sought when he offered to meet
a most pressing public need, the need for steamboats...Livingston maneuvered...the monopoly
through the legislature ("a veritable model of state munificence," as legal scholar Maurice G.
Baxter writesthat gave him the right to seize steamboats the entered New York waters from
other states. But Livingston had overreached. With so many inventors and investors interested
in the steamboat, the monopoly on served to limit its adoption. The new technology was simply
too important for the monopoly to remain unchallenged. (pp.39-42)"
19. Jump up^ Lee, Timothy (August 3, 2006). "Entangling the Web". The New York Times.
Retrieved December 13, 2011.
20. Jump up^ "Pulling Boeing Out of a Tailspin". Business Week. December 15, 2003. Retrieved
December 13, 2011. "A national treasure, once No. 1 in commercial aviation, Boeing has
become a risk-averse company stumbling to compete in the marketplace and dependent on
political connections and chicanery to get government contracts. Boeing needs a strong board
and a rejuvenated corporate culture based on innovation and competitiveness, not crony
capitalism."
21. Jump up^ Dreier, Peter (3-1-2006). "Katrina and Power in America". Occidental College.
Retrieved July 22, 2012. "Three companiesthe Shaw Group, Kellogg Brown & Root(KBR, a
subsidiary of Haliburton, whose former CEO is Vice President Dick Cheney), and Boh Brothers
Construction of New Orleansquickly scooped up no-bid ACE contracts to perform the
restoration. Bechtel and Fluor (also with close GOP ties) also reaped huge contracts. The
Department of Defense has been criticized for awarding Iraq reconstruction contracts to
Haliburton and Bechtel without competition (Broder 2005)"
22. Jump up^ O'Driscoll Jr, Gerald P. (September 9, 2008). "Fannie/Freddie Bailout Baloney". New
York Post.
23. Jump up^ Syrian Businessman Becomes Magnet for Anger and Dissent "Like Mr. Ezz in Egypt,
he has become a symbol of how economic reforms turned crony socialism into crony capitalism,
making the poor poorer and the connected rich fantastically wealthier."
24. Jump up^ "Raymond Vernon Dies at 85". The Harvard University Gazette. President and
Fellows of Harvard College. September 23, 1999. Retrieved February 9, 2013.
25. Jump up^ Vernon (1989)
26. Jump up^ Vernon (1989, p. 8); see also Watt steam engine and James Watt
27. Jump up^ "Black Faces in Limousines:" A Conversation with Noam Chomsky from
Chomsky.info accessed on June 5, 2009
28. Jump up^ Batra, Ravi (11 October 2011). "The Occupy Wall Street Movement and the Coming
Demise of Crony Capitalism". Truthout. Retrieved 21 October 2011.
29. Jump up^ Robin Hahnel. "Let's Review". "IMF officials Michel Camdessus and Stanley Fischer
were quick to explain that the afflicted economies had only themselves to blame. Crony
capitalism, lack of transparency, accounting procedures not up to international standards, and
weak-kneed politicians too quick to spend and too afraid to tax were the problems according to
IMF and US Treasury Department officials. The fact that the afflicted economies had been held
up as paragons of virtue and IMF/World Bank success stories only a year before, the fact that
neoliberalisms only success story had been the Newly Industrialized Countries (NIC's) who
were now in the tank, and the fact that the IMF and Treasury department story just didnt fit the
facts since the afflicted economies were no more rife with crony capitalism, lack of
transparency, and weak-willed politicians than dozens of other economies untouched by the
Asian financial crisis, simply did not matter."
30. Jump up^ "Did Congress kill the Twinkie? The tariff tale behind the Hostess demise". Retrieved
Nov 23, 2012. "When Hostess had to cut costs to stay in business, it picked unions, not the
sugar lobby, to fight. These large sugar growers ... are a notoriously powerful lobbying interest
in Washington, writes Chris Edwards of the Cato Institute in a 2007 report. Federal supply
restrictions have given them monopoly power, and they protect that power by becoming
important supporters of presidents, governors, and many members of Congress."
31. Jump up^ Thomas Beaumont (September 3, 2011). "Sarah Palin Addresses Iowa Tea Party
Rally, Keeps 2012 Talk Alive". Huffington Post. Retrieved Nov 26, 2011. "Sarah Palinaccused
Obama and leaders in Washington of coddling corporations, at heavy cost to the taxpayers..."I
want all of our GOP candidates to take the opportunity to kill corporate capitalism that is leading
to this cronyism that's destroying our economy," Palin said"
32. Jump up^ Nicholas D. Kristof (Oct 26, 2011). "Crony Capitalism Comes Home". The New York
Times. Retrieved Nov 27, 2011. "some financiers have chosen to live in a government-backed
featherbed. Their platform seems to be socialism for tycoons and capitalism for the rest of
us...featherbedding by both unions and tycoons...are impediments to a well-functioning market
economy."
33. Jump up^ John Stossel (2010 (copyright)). "Let's Take the "Crony" Out of "Crony Capitalism"".
Retrieved Nov 26, 2011. "The truth is that we don't have a free market government regulation
and management are pervasive so it's misleading to say that "capitalism" caused today's
problems. The free market is innocent. But it's fair to say that crony capitalism created the
economic mess."
34. Jump up^ Andrew C. McCarthy (September 17, 2011). "The Solyndra Fraud". Retrieved Nov
26, 2011. "The Solyndra debacle is not just Obama-style crony socialism as usual. It is a
criminal fraud...Why so much pressure to give half a billion dollars to a doomed venture? The
administration insists it had nothing whatsoever to do with the fact that Solyndras big backers
include the George Kaiser Family Foundation. No, of course not. George Kaiser, an Oklahoma
oil magnate, just happens to be a major Obama fundraiser who bundled oodles in contributions
for the presidents 2008 campaign. Solyndra officers and investors are said to have visited the
White House no fewer than 20 times while the loan guarantee was being considered and, later,
revised. Kaiser, too, made several visits but not to worry: Both he and administration officials
deny any impropriety."
35. Jump up^ Jim DeMint (September 27, 2011). "Venture socialism: Obama agenda is about
shoveling cash to cronies". Retrieved Nov 28, 2011. "Government officials rushed $535 million
to Solyndra because the Obama administration was determined to make the company the
centerpiece of its green agenda regardless of the law of supply and demand. ...using the brute
force of government to force liberal preferences into the economy. Mr. Obama calls them
investments, but this is really venture socialism"
36. Jump up^ Ben Shapiro (2011 (copyright)). "There's No Such Thing as "Crony Capitalism"".
Retrieved Nov 26, 2011. "This "crony capitalism," Sarah Palin said, is "not the capitalism of free
men and free markets." In general, she's right. But...her terminology...is dead wrong. The fact is
that there is no such thing as "crony capitalism." In reality, it iscorporatism, a modern form
of mercantilism. Corporatism is based on the notion that industries comprise the economy like
body parts comprise the body they must work in concert with one another, and they must
take central direction."
37. Jump up^ Thiessen, Marc A. (November 14, 2011). "Crony Capitalism Exposed". The
Washington Post. Retrieved December 13, 2011. "Insider trading is illegal except for
members of Congress [who] are free to legally trade stock based on nonpublic information they
have obtained through their official positions as elected officials and they do so on a regular
basis. On Sunday night, CBS News 60 Minutes looked into this form of lawful graft. The 60
Minutes story exposed, among others, then-House Speaker Nancy Pelosi for participating in a
lucrative initial public offering from Visa in 2008 that was not available to the general public, just
as a troublesome piece of legislation that would have hurt credit card companies began making
its way through the House (the bill never made it to the floor)...The report was based on an
explosive new book by Peter Schweizer that will hit stores on Tuesday. Its called Throw Them
All Out: How Politicians and Their Friends Get Rich off Insider Stock Tips, Land Deals, and
Cronyism That Would Send the Rest of Us to Prison."
38. Jump up^ John Stossel (2010 (copyright)). "Let's Take the "Crony" Out of "Crony Capitalism"".
Retrieved Nov 26, 2011. "Which are more likely to be hampered by vigorous regulatory
standards: entrenched corporations with their overstaffed legal and accounting departments or
small startups trying to get off the ground? Regulation can kill competition and incumbents
like it that way."
39. Jump up^ Burton W. Folsom, Jr.. "Myth of the Robber Barons". Retrieved Nov 28, 2011. "The
author, Burton Folsom, divides the entrepreneurs into two groups: market entrepreneurs and
political entrepreneurs. The market entrepreneurs, such as Hill, Vanderbilt, and Rockefeller,
succeeded by producing a quality product at a competitive price. The political entrepreneurs, for
example, Edward Collins in steamships and the leaders of theUnion Pacific Railroad in
railroads, were men who used the power of government to succeed. They tried to gain
subsidies or in some way use government to stop competitors."
Further reading[edit]
Wei, Shang-Jin (2001). "Domestic Crony Capitalism and International Fickle Capital: Is
There a Connection?". International Finance 4: 1545. doi:10.1111/1468-2362.00064.
Kang, David C. (2003). "Transaction Costs and Crony Capitalism in East
Asia". Comparative Politics 35 (4): 43958. doi:10.2307/4150189. JSTOR 4150189.
Ip, Po-Keung (2007). "Corporate Social Responsibility and Crony Capitalism in
Taiwan". Journal of Business Ethics 79: 16777. doi:10.1007/s10551-007-9385-5.
Hughes, Sallie; Lawson, Chappell H. (2004). "Propaganda and Crony Capitalism:
Partisan Bias in Mexican Television News". Latin American Research Review 39 (3): 81
105.doi:10.1353/lar.2004.0050. JSTOR 1555469.
Shah, Ajay (7 September 2012). "Indian capitalism is not doomed". Ajay Shah's Blog.
Singh, Ajit; Zammit, Ann (2006). "Corporate Governance, Crony Capitalism and
Economic Crises: Should the US business model replace the Asian way of 'doing
business'?".Corporate Governance: an International Review 14 (4): 220
33. doi:10.1111/j.1467-8683.2006.00504.x.
Johnson, Chalmers (1998). "Economic crisis in East Asia: The clash of
capitalisms". Cambridge Journal of Economics 22 (6): 65361. doi:10.1093/cje/22.6.653.
Peev, Evgeni (2002). "Ownership and Control Structures in Transition to 'Crony'
Capitalism: The Case of Bulgaria". Eastern European Economics 40 (5): 73
91.JSTOR 4380313.
Enderwick, Peter (2005). "What's Bad About Crony Capitalism?". Asian Business &
Management 4 (2): 11732. doi:10.1057/palgrave.abm.9200126.
Rosas, Guillermo (2006). "Bagehot or Bailout? An Analysis of Government Responses to
Banking Crises". American Journal of Political Science 50: 17591.doi:10.1111/j.1540-
5907.2006.00177.x. JSTOR 3694264.
Kahn, J. S.; Formosa, F. (2002). "The Problem of 'Crony Capitalism': Modernity and the
Encounter with the Perverse". Thesis Eleven 69: 47
66.doi:10.1177/0725513602069001004.
Davis, Gerald F. (2003). "American cronyism: How executive networks inflated the
corporate bubble". Contexts 2 (3): 3440. doi:10.1525/ctx.2003.2.3.34.
Vaugirard, Victor (2005). "Crony Capitalism and Sovereign Default". Open Economies
Review 16: 7799. doi:10.1007/s11079-005-5333-0.
James, Harold (2008). "Family Values or Crony Capitalism?". Capitalism and
Society 3. doi:10.2202/1932-0213.1031.
Khatri, Naresh; Tsang, Eric W K; Begley, Thomas M (2005). "Cronyism: A cross-cultural
analysis". Journal of International Business Studies 37: 61
75.doi:10.1057/palgrave.jibs.8400171. JSTOR 3875215.
Khatri, Naresh (2013). Anatomy of Indian Brand of Crony
Capitalism. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2335201.
http://mpra.ub.uni-muenchen.de/19626/1/WP0802.pdf
External links[edit]
New York Times, "The Global Cost of Crony Capitalism"
New York Times, "Vladivostok Journal: Out of Russia's Gangland, and Into Cafe Society."
Joseph Stiglitz, "Crony capitalism American-style".
William Anderson, The Mises Institute, "Myths About Enron"
Crony capitalism: The actors of change towards neoliberalism in Chile, by Patricio Imbert
and Patricio Morales
Will Africa Finally Take Off? Becker
Crony Chronicles - The Cronyism Resource
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