I am not sure that many politicians are good on this score, but Hillary Clinton and Donald Trump are likely as bad as it gets on crony capitalism. Forget their policy positions, which are steeped in government interventionism in the economy, but just look at their personal careers. Each have a long history of taking advantage of political power to enrich themselves and their business associates. I am not sure what Cruz meant when he said “New York values”, but both Trump and Clinton are steeped in the New York political economy, where one builds a fortune through political connections rather than entrepreneurial vigor. Want to build a new parking lot next to your casino or start up a new energy firm — you don’t bother with private investors or arms length transactions, you go to the government.
Warren Meyer, “2016 Presidential Election: Battle of the Crony Capitalists”, Coyote Blog, 2016-05-13.
May 24, 2016
QotD: The battle of the crony capitalists
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