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115 sats \ 2 replies \ @unboiled 21h \ parent \ on: Generation C: The Confused and Economically Illiterate Ones (WSJ, Andy Kessler) econ
Crony capitalism is about distorting the markets so that the cronies can accumulate financial capital. That strategy only makes sense in a capitalist context.
Ah, thank you. I wasn't aware of that nuance forming a key part of the accusation.
In a centrally planned economy, the cronies would be accumulating some other type of power.
The political cadres in communist systems were/are exceptionally wealthy. Wouldn't that also fall under crony capitalism?
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51 sats \ 1 reply \ @Undisciplined 13h
There are different kinds of wealth
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0 sats \ 0 replies \ @kepford 9h
Indeed
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