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Home Knowledge

What is Crony Capitalism?

Both socialists and capitalists blame each other for the rise of crony capitalism.

India CSR by India CSR
in Knowledge
Reading Time: 2 mins read
What is Crony Capitalism?

Photo Source: Hoover Institution

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Crony capitalism refers to a capitalist society that is based on the close relationships between business people and the state. Instead of success being determined by a free market and the rule of law, the success of a business is dependent on the favoritism that is shown to it by the government in the form of tax breaks, government grants, and other incentives.

In practice, this is the dominant form of capitalism worldwide due to the powerful incentives both faced by governments to extract resources by taxing, regulating, and fostering rent-seeking activity, and those faced by capitalist businesses to increase profits by obtaining subsidies, limiting competition, and erecting barriers to entry.

In effect, these forces represent a kind of supply and demand for government intervention in the economy, which arises from the economic system itself. Crony capitalism is widely blamed for a range of social and economic woes.

Both socialists and capitalists blame each other for the rise of crony capitalism. Socialists believe that crony capitalism is the inevitable result of pure capitalism. On the other hand, capitalists believe that crony capitalism arises from the need of socialist governments to control the economy.

From the Book – ‘ Know Everything about Corporate Social Responsibility ‘

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Also Read: What Is Capitalism?

(India CSR)

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Source: India CSR I 17 November 2021
Tags: CapitalismCrony CapitalismKnowledgeWhat is Crony Capitalism?

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