On the subject of Crony capitalism, Wikipedia highlights IMF officials Michel Camdessus and Stanley Fischer as being quick to explain that the afflicted economies had only themselves to blame. Crony capitalism, lack of transparency, accounting procedures not up to international standards and weak-kneed politicians too quick to spend and too afraid to tax were the problems according to IMF and US Treasury Department officials.
Crony capitalism appears to be a Global epidemic, ultimately resulting in the privatization of gains and the socialization of losses.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
2
1
