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Crony Capitalism in America

According to this provocative book, the US economy is morphing into crony capitalism, a system in which business success is fostered by relationships between business and government.

To gain a competitive edge or to limit competition, business interests lobby the government to tilt — rather than level — the playing field by granting their particular companies special favors. The end result is a system in which the few are enriched at the expense of the many.

Hunter Lewis, co-founder of the investment firm Cambridge Associates, begins Crony Capitalism in America: 2008–2012 with cautionary tales of how crony capitalism has decimated economic growth in such countries as Argentina, Zimbabwe, and Russia. He is concerned that the United States is following the same path, with dire consequences in the offing.

Via Book Review: Crony Capitalism in America @ Enterprising Investor.

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