Popular comparisons of political economy often treat the primary options as either free-market capitalism or socialism, but in the 21st century, both of these options are being displaced by a third way called cronyism. Unlike a free market, cronyism involves the widespread collusion between government regulators and large private corporations. Using the 2008 financial crisis and its aftermath as a current example, this course will explain the essential elements of cronyism and how to distinguish it from both free enterprise and socialism.
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Assistant Research Professor in the School of Business and Economics, The Catholic University of America