The Three Faces of Cronyism

There has been a lot said in recent years by Sarah Palin, Rush Limbaugh, and other conservatives about crony capitalism – or if you prefer, crony socialism, crony government, corporatism – or just plain cronyism. Whatever you call it, this conversation is increasingly vital as government grows and continues to pervert markets by picking winners and losers as a way to obtain wealth for powerful lawmakers and their fund-raisers and friends. This rampant cronyism is one of the most insidious outgrowths of a government gone wild, and has become a swirling vortex of self sustaining and systemic corruption. Thus, the focus on cronyism is necessary -- but missing from the conversation seems to be a distinction among the three very different genres of cronyism. And there are at least three very different varieties. I submit there is too much focus on what I’ll call the first type, that of tax breaks and other incentives for big industrial plants, or professional stadia...(Read Full Article)