Crony Capitalism, Predatory Politicians, and the Detroit Three

There’s a term that’s commonly applied to the economic systems of some Asian and Latin American countries. It’s “crony capitalism.”
Crony capitalism is when government controls significant parts of the economy. Under this kind of bureaucratic micromanagement, politicians -- not the free market -- call the shots. And that means that the decisions that control the economy are of necessity political decisions, not economic ones.
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