Capitalism Vs Crony Capitalism

Decent Essays


The majority of people doesn ’ t know the distinction of the capitalism and crony capitalism , and so the problem starts here . People who don ’ t know the distinction of these phenomenon are against to capitalism .

Let’s first , start with defining the ‘‘ Crony Capitalism ’’ . ‘‘ Crony capitalism ’’ refers to capitalist society that's hinged on the close relationships between businessmen and the government . An economy that is nominally free - market , but allows for preferential regulation and other favorable government intervention based on personal relations . Instead of success being determined by a …show more content…

In October 2017 , Jeffrey Immelt announced his retirement from General Electric after being a CEO and the chairman of the massive company that he has led since September 2001 . After Immelt ’s retirement various speculations have risen about General Electric’s activities during Bush and Obama Terms . I am investigating whether these speculations are true or they will just stay as speculations .
Immelt was a major supporter of Obamanomics . He upheld the Obama organization ' s endeavor at monetary jolt , the section of Obamacare , and natural controls . He has for quite some time been one of corporate America ' s most vocal supporters of arrangements went for checking environmental change , especially through tops on carbon discharges . In 2011 , President Barack Obama doled out him to head another board on work creation . Amid the Bush and Obama organizations , GE turned into the organization known as the encapsulation of " Crony Capitalism " .
“ Immelt is a classic example of a rent-seeking CEO who may know what is good for his own company but not what produces economic growth and private sector job creation , ” Fred Barnes wrote in 2011 .
Past the grasp of globalization , environmentalism , and enormous government , Immelt changed GE

Get Access