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Question: What’s the thin line between capitalism, cronyism, and corporatism?
Answer: Capitalism is when there’s a principled separation between the economy and politics: between business and government. Cronyism is when there’s supposed to be a separation, but there is cheating. Connected politicians and business people are given and receive special favors that they’re not supposed to be doing. Corporatism is when the official policy is that the government is running the economy, working hand-in-hand with business professionals. So, the lines between them are thick, rather than thin. The thin-line cases, though, come up in the mixed economy cases when sometimes it’s very hard to tell whether the given tax break or subsidy or certain types of lobbying are legitimate or count as cheating or receiving special favors.
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