Crony capitalism, as it seems, remains a chronic economic problem for most countries. Despite its ‘capitalist’ title, these plutocrats seemingly operate under business principles which, paradoxically, contradict the essence of capitalism themselves. One obvious feature, as we can see, is their overwhelming control in strategic sectors with required strong political connection with leaders, or other political figures, something The Economist itself labels as ‘rent-seeking sectors’. No wonder, either you are in a developing country, an emerging market, or a city-state, you can always hear names of those who ‘gain complete control in transport, infrastructure, real estate, telecom, and numerous other highly lucrative sectors’, and you know their huge invisible political prowess they can make use anytime to advance their agenda.
Growing from this concern, The Economist has published a list of countries – 23 in total – which they consider to be heavily reliant on this system. Read the full report here.
Bonus: in order to save capitalism itself from crony capitalists, countries, and emerging markets in particular, will need their own Roosevelts to tackle this problem. Here’s another one, still from the same source, that explains how to mitigate their influences.
Hint: here are the 23 countries The Economist released in regard to the percentage of billionaire wealth to these countries’ total GDP values.