BookWatch: Crony capitalism? Big business is actually losing influence over government

There is plenty of crony capitalism in America today.

There are thousands of instances of companies lobbying for tariffs, price supports, subsidies and restrictions on their competition, all for their own self-interest and profits. When such lobbying is successful, capitalism becomes about sucking up to power and cultivating the coercive powers of the state to be on one’s side, rather than about lowering costs, lowering prices, improving quality, and serving consumers.

The footprint of crony capitalism appears especially prominent these days because of President Trump, who is a pre-eminent practitioner of the doctrine. Donald Trump spent his career in business and during the 2016 primaries boasted of how he paid off politicians for favors and special access.

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