Capitalism, Cronyism, and Management Scholarship: A Call for Clarity
47 Pages Posted: 22 Mar 2021
Date Written: March 3, 2021
Capitalism, characterized by private ownership, coordination through markets, and decentralization, is blamed for a variety of economic, environmental, and social ills. These critiques often confuse capitalism with cronyism, a system of government favoritism toward particular firms. We show how this confusion harms management research, teaching, and practice.
Keywords: capitalism, cronyism, influence activities, rent-seeking, social responsibility
JEL Classification: D71, M14, L50
Suggested Citation: Suggested Citation