Cronyism, Corporate Welfare, and Inequality

Day 4
Session 10
3:20 PM

Income Inequality remains a pressing social and political issue in domestic and international politics. Market-based economies ensure that everyone, regardless of status, political affiliation, race, or gender, has an opportunity-based society where they can grow rich when they serve others. Markets generate a moral order better than all other economic institutional arrangements. Corporate welfare and institutionalized political privilege distort the incentives of markets by inducing a culture of favoritism, public-private partnerships, and big business boondoggles. Cronyism favors the rich at the expense of everyone else and fosters inequality of outcome. 


Recommended Readings

"The Pathology of Privledge" by Matthew Mitchell

"Beyond Politics: The Roots of Government Failure" by Randy Simmons

"Crisis and Leviathan" by Robert Higgs

Course Years: