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What is crony capitalism? What is rent seeking?

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What is crony capitalism? What is rent seeking?
posted Sep 1, 2017 by Prajwal C.m.

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Crony capitalism is an economy in which businesses thrive not as a result of risk taken for them, but rather, as a return on money amassed through a nexus between a business class and the political class.

Rent-seeking is the use of the resources of a company, an organization or an individual to obtain economic gain from others without reciprocating any benefits to society through wealth creation. An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection.

answer Dec 6, 2017 by Shreya Hiwale
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