110 Harms of Crony Capitalism

David Forsyth interviews me about crony capitalism. While cronyism is both unjust and harmful, I argue that not all businesses that engage in cronyism are equally at fault. And some may not be at fault at all.

But you may prefer to read my discussion of crony capitalism in https://www.libertarianism.org/columns/cronyism-toxic-friendship-between-business-government, where I also reject the claim made by some libertarians that seeking tax credits is not cronyism because “the state never had a right to impose taxes on us in the first place.” This argument proves too much. If it’s ok to seek tax credits, it’s also ok to seek subsidies and low‐​interest or guaranteed loans, because they also draw on the taxes that the state “never had a right to impose on us”.