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'''Crony capitalism''' is a left-leaning economic system which is more like an oligopoly than free enterprise. In crony capitalism, investments are not based on morality or true free enterprise. Often in crony capitalism the government picks winners and losers through the use of grants, contracts, loan guarantees, [[regulation]]s, [[bailout]]s and other ways of extending favors to friends while penalizing competitors.
'''Crony capitalism''' is a left-leaning economic system which is more like an oligopoly than free enterprise. In crony capitalism, investments are not based on morality or true free enterprise. Often in crony capitalism the government picks winners and losers through the use of grants, contracts, loan guarantees, [[regulation]]s, [[bailout]]s and other ways of extending favors to friends while penalizing competitors.
Crony capitalism also can work to the disadvantage of workers and consumers, for example when coal burning electric plants import cheaper coal because of lower foreign labor costs, American coal miners are laid off due to [[EPA]] regulations, and consumers see no reduction in electric rates.
Crony capitalism also can work to the disadvantage of workers and consumers, for example when coal-burning electric plants import cheaper coal because of lower foreign labor costs, American coal miners are laid off due to [[EPA]] regulations, and consumers see no reduction in electric rates.
Crony capitalism is fully compatible with [[socialism]].<ref>Philipp, Joshua (August 7, 2019). [https://www.theepochtimes.com/the-corrupt-romance-between-big-business-and-socialism_2977800.html The Corrupt Romance Between Big Business and Socialism]. ''The Epoch Times''. Retrieved August 7, 2019.</ref>
==See also==
==See also==
*[[Long-Term Capital Management]]
*[[Long-Term Capital Management]]
*[[Obama donor list]]
*[[Obama donor list]]
==References==
{{reflist}}
==External links==
==External links==
*[https://www.washingtontimes.com/news/2013/apr/5/burying-crony-capitalism/ Burying crony capitalism: The courts strike a blow for economic freedom] - Editorial in the ''[[Washington Times]]''
*[https://www.washingtontimes.com/news/2013/apr/5/burying-crony-capitalism/ Burying crony capitalism: The courts strike a blow for economic freedom] - Editorial in the ''[[Washington Times]]''
[[Category:Economics]]
[[Category:Economics]]
[[Category:Liberalism]]
[[Category:Liberalism]]
[[Category:Socialism]]