Why isn't Crony Capitalism an accurate term for this? Seems like exactly the term to me.
> In public choice theory, rent-seeking is spending wealth on political lobbying to increase one's share of existing wealth without creating wealth. The effects of rent-seeking are reduced economic efficiency through poor allocation of resources, reduced wealth creation, lost government revenue, national decline, and income inequality. Current studies of rent-seeking focus on the manipulation of regulatory agencies to gain monopolistic advantages in the market while imposing disadvantages on competitors.
The term "economic central planning" emphasizes that it's fundamentally opposite to free market economics, and that its practitioners and defenders are hypocrites.
I think the above poster had it correct; refer to it as "crony capitalism" to non-economists.
Well, except that it demonstrates exactly the characteristics of the system in which the holders of capital hold society captive to their interests which led to its criticism by the people who coined the term "capitalism" for that system.
crony capitalism == crony "capitalism"
Americans are just lousy with punctuation.