The New Age of Crony Capitalism
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The New Age of Crony Capitalism
By The Economist
As the regime of Viktor Yanukovych collapsed in Ukraine, protesters against it could be found outside One Hyde Park, a luxury development in west London. Their target was Rinat Akhmetov, Ukraine’s richest man and a backer of the old regime. “Discipline your pet”, they chanted.
Ukraine’s troubled state has long been dominated by its oligarchs. But across the emerging world the relationship between politics and business has become fraught. India’s election in April and May will in part be a plebiscite on a decade of crony capitalism. Turkey’s prime minister is engulfed by scandals involving construction firms—millions of Turks have clicked on YouTube recordings that purport to incriminate him. On March 5th China’s president, Xi Jinping, vowed to act “without mercy” against corruption in an effort to placate public anger. Last year 182,000 officials were punished for disciplinary violations, an increase of 40,000 over 2011.
