Crony Capitalism Is Kryptonite to Democracy and the Real Economy

Kryptonite cc

And for a bunch of other stuff too.

(From Of Two Minds)

Concentrated wealth and State power form a self-reinforcing feedback loop that destroys democracy. The more profitable buying influence and the revolving door between corporations and regulators becomes, the more money the corporations have to spend on lobbying, which serves to further protect their profits. The more money political toadies collect, the more beholden they are to entrenched interests.
This feedback loop rewards crony capitalism and limits classical capitalism’s key features: transparent markets and competition.
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