BC: Cronies

March 1st, 2009 12:57 am

Cronies

"The opening paragraph from the Times Online describes the plight of billionaires in a regulated economy: many Chinese “capitalists” who made fortunes through their connections with the ruling Communist Party are falling into disgrace. Although the Times Online describes this as the effect of “the communist nation’s flirtation with capitalism turns sour”, the correct term for economies in which connections, rather the market are determinants for success is crony capitalism."