212 Posts

Book Review: Crony Capitalism in America

Crony Capitalism in America: 2008–2012

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. Read more


Poll: What Do the Recent Defaults in China’s Corporate-Debt Market Mean?

From 2008 to 2012, Chinese government debt, at all levels, increased from about 40% of gross domestic product to 53.5%. Yet, when compared with other countries — such as the United States, whose total government debt was 140% of GDP in 2012 — that figure seems relatively paltry. Including private-sector debt in 2012 increases China’s debt profile to 215% of GDP, which also compares favorably with the United States (360% for the same year). Read more