Posts Tagged ‘crony capitalism’

Notes From Underground: Indulge Me During Times of Quiet Markets

October 20, 2015

In yesterday’s Financial Times, one of the giants of the economics profession, Luigi Zingales, wrote an op-ed, “A Strong Free Press Is Our Best Defence Against Crony Capitalism.” Zingales takes the financial media to task for failing to be a watchdog against the corruption that exists in global capital markets.He poignantly states:”While nowadays almost all the world professes itself to be capitalist,not everybody experiences the same type of capitalism.In fact,the form of capitalism prevailing in most of the world is very distant from the ideal competitive and meritocratic system we economists theorise in our analyses and most of us aspire to. It is a corrupt form, in which incumbents and special-interest groups shape the rules of the game to their advantage, at the expense of everybody else: it is crony capitalism.”

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