Crony capitalism

貢獻者:游客150450960 類別:英文 時間:2019-08-15 22:34:19 收藏數:44 評分:-0.2
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Crony capitalism is an economy in which businesses thrive not as a result of risk,
but rather as a return on money amassed through a nexus between a business class and the
political class. This is often achieved by using state power rather than competition in managing
permits, government grants, tax breaks, or other forms of state intervention over resources
where the state exercises monopolist control over 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.
Crony capitalism exists along a continuum. In its lightest form, crony capitalism consists of
collusion among market players which is officially tolerated or encouraged by the government.
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. For instance, newcomers to a market then need to surmount
significant barriers to entry in seeking loans, acquiring shelf space, or receiving
official sanction. Some such systems are very formalized, such as sports leagues and the
Medallion System of the taxicabs of New York City, but often the process is more subtle,
such as expanding training and certification exams to make it more expensive for new entrants
to enter a market and thereby limiting potential competition. In technological fields,
there may evolve a system whereby new entrants may be accused of infringing on patents
that the established competitors never assert against each other.
The term crony capitalism is generally used when these practices either come to
dominate the economy as a whole, or come to dominate the most valuable industries in an economy.
Intentionally ambiguous laws and regulations are common in such systems.
Taken strictly, such laws would greatly impede practically all business activity,
but in practice they are only erratically enforced. The specter of having such laws suddenly
brought down upon a business provides an incentive to stay in the good graces of
political officials. Troublesome rivals who have overstepped their bounds can have these
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 in place,
a larger state is generally associated with increased political corruption.
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