by Charles Hugh Smith from Of Two Minds
Crony Capitalism And The Expansive Central State
Crony Capitalism flourishes in an economy dominated and controlled by a Central State.
Crony capitalism arises when an expansive Central State dominates the economy. The Central State can then protect crony-capitalist perquisites, cartels, quasi-monopolies and financialization skimming operations of the sort which now dominate the U.S. economy’s primary profit centers.
If we step back, the larger context is the purpose and [...]