What is more, crony capitalism may even cause more to be hungry because they enrich themselves without planting any food for the future. In political and economic terms, crony capitalism simply means using political power to enrich yourself, your relatives and your friends. Clearly, therefore, one of the evils of crony capitalism is that it will lead to corruption. Secondly, the evil of crony capitalism is that prices will be inflated to account for the commission or kickback. Under crony capitalism, the powerful politicians may also influence the policies of financial institutions to favour their crony businessmen in terms of, especially, getting “sweetheart” credit.

Source: The Star June 10, 2018 00:45 UTC